Crypto Market Update: Collapse – Price Analysis of BTC, BCH and LTC


Since yesterday, when the valuation of the cryptocurrency market capitalization was about $ 210,136,000,000, the valuation has decreased by about $ 29,564,000,000

  • Market capitalization: $ 180,572,350,759
  • 24 hours a day: $ 24,123,803,915
  • BTC Dominance: 52.9%

Cryptocurrency Price Watch

Looking at the global chart we can see that the evaluation has fallen through the previous support from the symmetrical triangle from which the evaluation first emerged from the rise and that with a constant slope and not just a pop as it was used to confuse many to believe that the price is going higher, but I said the picture still looked bearish. Currently, the valuation has surpassed all previous low levels and is at the lowest level from this bear market.

The last time the cryptocurrency market capitalization was around $ 180B was October 31st. Last year when the valuation broke out from the corrective structure and continued into an uptrend going through the $ 180B area, which leads me to believe that this area has no meaning As can be seen from the chart global underlying of that period, the significant area is about $ 158-177B, which is why I would expect the rating to fall further before this fall was over.

Today the market is in red with an average percentage of variation among the first 100 coins ranging from 14 to 20%. The biggest losers are Ark with a decrease of 24.81% of HyperCash with 20.4% and Ravencoin of 20.73%

The collapse was not caused by some important news like the endorsement of the postponed ETF, which again confirms my point of view on the fact that this market is based on a price action.

Bitcoin BTC / USD price

From yesterday's high to $ 6486, the price of Bitcoin fell 13.71% and is currently trading at $ 5600.

As can be seen from the hourly table, the price fell below the significant horizontal level to $ 5767.8 and formed a group around it indicating a temporary stop before further disadvantage as market participants consolidate for the next move. The price is also below the support line of the descending triangle and from the aspect of the momentum we will see more downward movements and the next horizontal level that I see strong enough to be able to serve as support is around $ 5084. take some time to consolidate further, but as the next sell-off has started we will see new lows.

Market sentiment

Technical indicators of the hourly chart report a sale.

Rotation points

S3 4413.1
S2 5220.9
S1 5571.7
P 6028.7
R1 6379.5
R2 6836.5
R3 7644.3

Bitcoin BCH / USD cash price

From yesterday's opening to $ 534, the Bitcoin Cash price fell 16.24% as it is now trading at $ 442.

The hourly chart appears bearish as the price has returned to 100% from the beginning of the impulsive 12345, when the price has fallen to $ 416.3, making the scenario of a further increase invalid. The fall itself seems impulsive, so an interaction with the horizontal support level at around $ 390 is a possibility before this downward movement is active.

Market sentiment

Bitcoin Cash has a bearish feeling.

Rotation points

S3 229.3
S2 395.6
S1 477.1
P 561.9
R1 643.4
R2 728.3
R3 894.6

Lithuanian LTC / USD price

From yesterday's high to $ 50.75 the price of Litecoin fell to $ 43.310, a decrease of 14.68%.

Looking at the time table, you can see that Litecoin's price fell below the significant horizontal level to $ 44.621, which is the second support line from the support zone that is now discontinued. For this reason, I believe the price drops further to the downstream support line and potentially further below the next horizontal support level at $ 38.21.

Market sentiment

Litecoin is in the sales area.

Rotation points

S3 41.230
S2 47.335
S1 49.926
P 53.440
R1 56.031
R2 59.545
R3 65.650

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