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Yesterday, the cryptocurrency capital cap valuation rose from $ 217.7B to $ 221.9B but, as you can see from the underlying global chart, the valuation returned to the levels from which the move was made.
- Market capitalization: $ 218.720.169.602
- 24 hours a day: $ 11.321.223.572
- BTC Dominance: 52.4%
As you can see the evaluation is in a descending channel and while the interaction with its resistance ended in refusal, it is now heading towards its support level which would be around $ 215B.
news
There are some news headlines that are worth mentioning today, but they are not however important for the market sentiment. The titles mainly concern the regulation or legality of the cryptocurrency space.
The Swiss financial watchdog issues the first license to encrypt the country's assets
The Swiss Financial Market Supervisory Authority (FINMA) issued the country's first cryptographic asset management license in an encrypted investment fund, the Swiss media news agency Swissinfo reports today, 9 October .
The Ukrainian Ministry of Finance creates a working group to develop the taxation of cryptocurrencies
The Ukrainian Ministry of Finance is creating a working group to discuss and develop a legal framework for encryption, according to an October 8 announcement on the official website of the ministry.
The regulator of EU markets examines the ICOs to determine the regulations
The European Securities and Markets Authority (ESMA) has announced that it is reviewing initial coin offerings (ICOs) to determine how they should be regulated, Reuters reported on October 8.
Japanese Internet GMO to launch Stablecoin Yen-pegged in 2019
The Japanese Internet conglomerate GMO Internet Co. Ltd has confirmed its intention to release a cryptographic stablecoin, reports the Cointelegraph Japan on Tuesday 9 October, anchored to the Japanese yen.
United Arab Emirates securities regulator to introduce ICOs on the capital markets in 2019
The United Arab Emirates Securities Regulatory Agency (UAE) plans to introduce the Initial Coin Offerings (ICO) for the capital markets in 2019, Reuters reported on October 8.
It seems that all over the world, financial institutions and government agencies are working to create legal frameworks for the adoption and use of mainstream cryptocurrency while the market is in crisis. This can be useful because until the market matures we can not have another race and this institutional interest could cause it.
Bitcoin BTC / USD price
From yesterday's high to $ 6700, the price of Bitcoin fell 1.21% and is currently trading at $ 6621.
Click to enlarge the chart
Looking at the time table, you can see that the price started to burst from both the symmetrical triangle and the resistance of the descending triangle, but now it's back in the territory of the second potentially returning to retest symmetrical resistance before it can further increase and start a trend on the upside. It is more likely that this ends up as a fake because at the moment there is only something bullish on this chart – the price action has been in the interval since September's approval and this small increase it is not indicative of anything. If nothing else for now we can say that a lower maximum has been made but a lower minimum has also been formed and that is why we can say that the price is still inside the symmetrical triangle that struggles to keep the direction .
I would not consider that the price started a trend until the price passed over $ 6876 for the bullish trajectory and under $ 6000 for a bearish trajectory.
Market sentiment
Technical indicators on the hourly chart are reporting a sale.
Rotation points
S3 5953.4 S2 6270.2 S1 6432.7 P 6587.1 R1 6749.6 R2 6903.9 R3 7220.8
Price Monero XMR / USD
From yesterday's highs to $ 115.93, Monero's price fell 1.85%, as it is currently trading at $ 113.7.
Click to enlarge the chart
Looking at the hourly chart you can see that the price action is still inside the descending triangle since the price has been rejected by its resistance as once again. Currently, the price is hovering on the level of lower horizontal support while seeking support, which is why another drop in the triangle support line around $ 111.8 would be a likely scenario, after which I would expect a breakout from the downward triangle which is usually the case of descending triangles.
By zooming in on the 4-hour chart I see a different scenario. Since the price action has escaped the wedge pattern that falls with an upward channel, we may see a break from the top of the lower descending triangle, in which case the price could rise up to the crossing of the resistance level horizontal with the resistance of ascending channels around $ 148 but after that I would still expect to see a lower minimum.
Click to enlarge the chart
Market sentiment
The hourly chart graph is reporting a sale with moving averages reporting a fort.
Rotation points
S3 96.360 S2 105.970 S1 110.550 P 115.580 R1 120.160 R2 125.190 R3 134.800
Tron Price TRX / BTC
From yesterday's high to 425 Satoshi, Tron's price has fallen by 8.52% while it is currently trading at around 328 Satoshi.
Click to enlarge the chart
Looking at the time table you can see that the price has gone above the horizontal resistance level and is now back for a new support test and judging by the wick on the last red candle that has interacted with it there are buyers .
By zooming in on the 4-hour chart you can see that I labeled this as a correction in the opposite direction and while the Z wave ended upward, now we are expecting a decline according to Elliott Wave principles. You can also see the importance of the horizontal level, which is why if the price is supported here, then the likelihood that the price will continue to rise up will increase. If the price goes down again, I would expect a breakout on the negative side and a continuation of the trend.
Click to enlarge the chart
Market sentiment
Tron is in the sales area.
Rotation points
S3 0.00000270 S2 0.00000311 S1 0.00000336 P 0.00000352 R1 0.00000377 R2 0.00000393 R3 0.00000434
Conclusion
With the evaluation on the global chart that does not exceed the previous maximum and the graph of the main cryptos analyzed in the post today showing signs of weakness, a slight decrease is expected. This is the crux of the cryptocurrency market as soon as we have an indication of the next trend. Ultimately, I expect the lower lows, but we could see a strong recovery in the beginning. It's problematic to call it on time, but that's what I've been saying for some time.
If you remember the chart below it was taken from my return analysis in which I said that the price of Bitcoin could rise to $ 11,000 before it falls to $ 3,000.
Click to enlarge the chart
So, this shot seems more likely the more time passes and we have new price data, but I did not expect it before a value of less than about $ 5200 before the recovery was made. If this does not happen and the price recovers by almost half of the current levels of a probability of the objective for the decrease after the increases.
