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Yesterday, the cryptocurrency capital cap valuation was approximately $ 136.6 billion in the open. It is steadily increasing during most of the day and has reached $ 137.370B at today's opening. It continued to rise a bit and reached 138,556 B $ at its highest point today, from where it began to plump aggressively at $ 127,446 at its lowest point.
- Market Cap: $ 127,461,754,659
- 24 hours a day: $ 20.848.259.151
- BTC Dominance: 52.4%
As a result, the market is in red with an average percentage of variation in the last 24 hours, among the top 100 coins, ranging from 5-13%. The biggest loser is Stratis with a fall of 15.31%, while the Status increases by 11.98%.
The domain of the Bitcoin market has increased since yesterday and is currently at 52.30%.
Bitcoin BTC / USD price
From today's opening to when the price of Bitcoin was $ 4109, the cryptocurrency dropped to $ 3874, where it now stands, with a fall of 5.64%. The current red candle indicated strong selling pressures since most of the decrease occurred in just one hour.
Looking at the hourly chart you can see that the price has fallen from the rising channel where it has been corrected while the Minuette WXY correction has ended. The correction could be a WXYXZ in which case this decrease would be the second wave X but since a breakout occurred I do not think it's probable considering that the current move seems impulsive, I think it's the beginning of the wave of Minute Y on the downside.
Projecting the wavelength W from the X wave, the target area appears to be about $ 3580.
Market sentiment
Technical indicators of the hourly chart report a sale.
Rotation points
S3 3297.2
S2 3609.7
S1 3760.8
P 3922.1
R1 4073.2
R2 4234.6
R3 4547.1
Litecoin LTC / USD price
From yesterday's opening at $ 40.1 the price of Litecoin dropped to $ 35, where it is currently the decline of 13.89%. The price has decreased rapidly as in the case of Bitcoin, which is to show a strong market correlation.
Looking at the timetable we can see that the price of Litecoin fell to the current upside support line and fell below it, but quickly returned above, indicating that there is some support. This support would be strong enough to contain the sell-off momentum we have yet to see, but I think we will see some temporary support at least for now as the RSI is at 23% and even fell to 15.6%, so recovery is more likely.
But since the current structure seems corrective in nature and I have labeled it as Minute WXY, it is likely that we will see the beginning of the impulsive move as a downward trend. This, however, could be the second wave X because the correction is prolonged by two other waves, but in both cases this would potentially bring the price to levels slightly above the previous maximum on the Z wave before continuing the its decline.
Market sentiment
Litecoin is in the sales area.
Rotation points
S3 20.750
S2 27.645
S1 31.627
P 34.540
R1 38.522
R2 41.435
R3 48.330
EOS EOS / USD price
From yesterday's opening at $ 2.96, the price of EOS dropped to $ 2.555, a decrease of 11.77%. As in the case of Bitcoin and Litecoin, most of the decrease was made in a few hours, which shows a strong presence of sellers.
The hourly chart seems bearish with a downside to be expected since the current downturn is most likely the beginning of the Y wave from a Minx WXY correction. The price action has created a symmetrical triangular area, so a further decrease in its support line is expected, after which a downside breakout will occur. The price interacted with the Fibonacci 0.236 level and rose a little, leaving a wick on the hourly chart indicating that buyers were able to hold the price up for now.
Given that the RSI is below its 30% lower limit and there has been a sharp decline, we will now probably see some consolidation or recovery after which another downward movement will occur.
Market sentiment
EOS is in the sales area.
Rotation points
S3 1.8152
S2 2.2909
S1 2.5191
P 2.7666
R1 2.9948
R2 3.2423
R3 3.7180
Conclusion
Looking at the global chart and the covered coins, I think another sell-off started. This will not lead to lower lows for the price of Bitcoin than the lowest so far in this bearish market which is about $ 3240, but instead, I think it is a minor retracement after which another side is expected. But ultimately, given that this upward movement is corrective, we will see a continuation of the trend and new lows for the cryptocurrency market.
