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Since yesterday, things have not changed much for the cryptocurrency market capitalization, as the valuation stood at around $ 221 billion.
- Market Cap: $ 221,141,602,662
- 24 hours a day: $ 13.960.333.107
- BTC Dominance: 51.5%
As you can see from the underlying global chart, the upside support has been discontinued and we are witnessing a beginning of a downward trend.
In my Market Update yesterday I said that the breakout from this current range could indicate the future trend, but I would not count again any confirmation until the valuation goes beyond the lower support line or the upper resistance line seen in the graph below .
Since the rating has fallen below the first support line, I would have expected in the next period to come back to the next one which would be around $ 216B. This means that I expect a further drop in prices.
The evaluation of the Bitcoin market dominance that acts as a reverse indicator interacts with the corrective resistance line of the wedge and if the cryptocurrency market falls further as expected, we will see an upward breakout and a continuation of the trend.
news
There are no significant news that are affecting the market today, however, there are two important titles that are worth mentioning.
Ripple's XRapid went live today, according to CNBC. The product is for cross-border payments and currently have three financial institutions that have signed an agreement to use the new platform: Mercury FX, Cuallix and the financial cooperative Catalyst Corporate Federal Credit Union.
The San Francisco-based financial technology company announced Monday that xRapid, which uses XRP cryptocurrency to make international transactions in "a few minutes", is now commercially available.
The second title that created a lot of buzz is the accusation of Huobi exchange that participates in the EOS vote, using the funds deposited by users. As reported by cryptovest, a spreadsheet showing presumed voting pressures under which Huobi could influence the vote for EOS block makers is circulating on the web.
The most serious accusation, based on the table, shows that Huobi paid to receive votes and establish himself in his position. The other problematic proposition is that Huobi uses tokens deposited on the exchange to vote, accumulating daily bribes from block producers. There is no limitation in the EOS protocol or in the constitution prohibiting trade to use their depository portfolios for voting.
The exchange issued an official statement, denying any involvement in the voting process to obtain prizes and a block producer position.
Based on the initial investigation, there were no financial contracts between Huobi and third parties. The investigation is still ongoing and therefore we look for your patience and cooperation in this matter.
According to the EOS blockchain statistics, Huobi is one of the most powerful accounts thanks to its large-scale EOS property. So far, the exchange has not declared anything about the use of traders' deposits for voting. However, Huobi's portfolio is one of the largest voters and the Huobi block producer account is the most influential in terms of voting coins.
The third title that caught my attention is that Chinese billionaire Bitcoin Li Xiaoli leaves the cryptosphere "forever". This title coughed my attention, because I was watching the podcast of Tone Vays where he said that the bottom of the cryptocurrency market would have brought immense pain to market participants making them mad or that the low volatility of Bitcoin would become boring enough to someone like Novogratz would not make any money and would leave the market.
From this day on, Li Xiaolai will not personally invest in any project (be it blockchain or initial phase) ", was said in a statement, translated by TechNode." So, if you see "Li Xiaolai" associated with any project (they are been associated with countless projects without my knowledge, 99% is not an exaggeration), ignore it. I plan to spend several years to contemplate my career change. For what I will do later, I'm not sure yet. "
The reason behind the sudden move was not revealed by the doubt that an investor who has made so much money in the cryptocurrency space is tired of making so much money and wants to completely abandon the situation to pursue a career in another field.
Bitcoin BTC / USD price
From yesterday's opening to $ 6646, the price of Bitcoin has not changed much since it has only depreciated by 1.14%.
Currently, the price action is interacting with the minor triangular support line in a similar way to the evaluation on the global graph. It could be interpreted as the breakage occurred and the support line has been retested from the bottom for resistance if the support line has been tightened, but I like to extend my levels to include the wicks as much as possible to have adequate confirmation when breakage occurs
Market sentiment
Hourly hourly charts show a sale with moving averages that report a strong average.
Rotation points
S3 5587.1 S2 6085.5 S1 6341.4 P 6583.9 R1 6839.8 R2 7082.3 R3 7580.7
EOS EOS / USD price
From yesterday's opening at $ 5.76, the EOS price fell 2% and is currently trading at $ 5.655.
Looking at the hourly chart we can see a similar situation as in the other charts, the interaction with the triangle support levels. The price is currently on the support of the smaller range, so we'll see where the price comes from, but judging by the slope of the triangle's support line, buyers are more aggressive at this point.
Market sentiment
EOS is in the sales area.
Rotation points
S3 3.3207 S2 4.4776 S1 5.1120 P 5.6344 R1 6.2688 R2 6.7913 R3 7.9481
Litecoin LTC / USD price
From yesterday's opening at $ 61.8, Litecoin's price declined by 2.87% as it currently trades at $ 60.
As you can see from the hourly table, the price was rejected by the lower resistance level and fell to the lower range support level, looking for support. If the media is waiting, I expect a breakout from the current upward channel and if it can not maintain a downside breakout. As price action is showing a slower upward momentum, and price action seems "unstable", a break from the downside is more likely.
Market sentiment
Like the other cryptocurrencies, the technical indicators on the time period of Litecoin indicate a sale with moving averages that indicate a strong one.
Rotation points
S3 37.640 S2 49.119 S1 55.381 P 60.598 R1 66.860 R2 72.077 R3 83.556
Conclusion
Today if the market participants decide to act and the day does not proceed as quietly as yesterday, we will finally see a break with the current triangles that the prices of the coins analyzed are. I expect the breakout to be at a disadvantage as the rankings suggest, but another shift to the top before a lower minimum would not surprise me.
