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Crypto Market Update: Stabilize – Price Analysis of Bitcoin, EOS and Litecoin

Since yesterday, when the market capitalization has reached $ 140,876,000.00, which are years so far, the valuation has stabilized and has recovered since then.

  • Market Cap: $ 149,526,895,826
  • 24 hours a day: $ 21,273,834.946
  • BTC Dominance: 53.3%

Price analysis of cryptocurrency

Looking at the global chart you can see that the evaluation has formed a measurement channel in which it has rebounded and currently the evaluation has interacted with its resistance line and has withdrawn slightly, and if the resistance rejects the evaluation we could see a breakout from tomorrow's downtrend and a continuation trend.

Since the market capitalization has increased by about 9.52 billion dollars from its recent low, the first 100 coins are mostly green with an average percentage variation of around 3.6%. The biggest gains are Factom with an increase of 26%, Nexo with 31.7% and Ark with an increase of 34.6%.

The evaluation of the Bitcoin domain on the market is again on the rise and increases by 0.4% since yesterday.



Bitcoin BTC / USD price

From yesterday's highs to $ 4959, the price of Bitcoin has fallen by 6% measured at current levels on which it is negotiating the cryptocurrency, which is $ 4655.8.

Looking at the hourly chart you can see that the price went even lower, interacting with the next level of horizontal support online at around $ 4400 but managed to return above the intersection of the two significant levels – support horizontal and basic support of descending channels. As you can see yesterday's maximum is currently higher than today, which is why it is reasonable to say that we are still in a downward trend. The aforementioned secondary push could only be short-lived and we could witness another direct fall while the price struggles to recover. On the other hand, this current interaction with the basic support of descending channels could be another support test as the price wants to be higher, so what will happen now will indicate what will happen in the next period.

Market sentiment

Bitcoin is in the neutral zone, as indicated by hourly hourly charts. Even if you can clearly see that it says a buy in general, by looking at the indicators separately you can see neutrality.

Rotation points

S3 3715.6
S2 4784.7
S1 5206.5
P 5853.8
R1 6275.6
R2 6922.9
R3 7992.0

EOS EOS / USD price

From yesterday's high to $ 4.07, the EOS price fell 4.9%, measured at current levels of $ 3.8754.

On the hourly table, we can see a similar situation, as in the case of Bitcoin, but a symmetrical triangular formation that indicates consolidation can be clearly seen. The price broke the support at $ 4.16 after which it reached $ 3.47, which is also the low of the year. Since the price action is currently inside a symmetrical triangle, the probability of a breakout is equal on both sides, so it's hard to say where the price is going. In the beginning we could see an increase followed by a further decline or continue in a straight line.

Market sentiment

The technical indicators of the hourly chart are painting the same image as in the case of Bitcoin.

Rotation points

S3 2.3443
S2 3.5788
S1 4.1020
P 4.8133
R1 5.336
R2 6.0478
R3 7.282

Litecoin LTC / USD price

From yesterday's highs to $ 36.7, Litecoin's price fell 5.5% and was currently trading at $ 34.697, the price lowered lower today to around $ 32.7, but recovered slightly.

If you remember my recent LTC analysis, I projected the ghost bar graph from the last time the price action created a similar model and I predicted that the price will stop below the support line of the channel (broken line), at around $ 36. As you can see my projection was correct but the price went even lower. As in the case of Litecoin, a similar graphical pattern is observed, as in the case of the other two coins analyzed, the same implies – the direction is generally falling but it is still unclear whether the price is approaching a little bit earlier to recover for the loss made.

Market sentiment

The technical indicators of the Litecoin hourly chart are as in the case of Bitcoin and EOS which indicate the area aneutrall.

Rotation points

S3 22.206
S2 33.778
S1 38.128
P 45.350
R1 49.700
R2 56.922
R3 68.494

Conclusion

As the market has undergone an important downward movement, a period of immobility occurs with the consolidation of market participants. This consolidation can be interrupted by new participants who come to the market both to buy and sell, which would determine the next result of the current minor symmetrical triangle that we have seen on the charts of the three main cryptocurrencies covered in this update. Because crpytos are strongly correlated, initially we could see an increase in the bitcoin domain as the altcoin positions are cleared, which would be the first signal that another sale is about to begin, so pay close attention to the valuation of the Bitcoin domain.

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