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Over the weekend, things remained steady with a slight sideways movement to evaluate the cryptocurrency capital cap, but with an overall increase since Friday when the valuation stood at around 120 billion dollars at the lowest point.
- Market capitalization: 127,252,197,066 dollars
- 24 hours Vol: $ 14,404,858.143
- BTC Dominance: 51.9%
Looking at the global chart, it can be seen that since Friday the market has increased and has been on an upward trajectory until a lower horizontal resistance has been reached while the valuation peaked at $ 134.464 million at the highest point. Because the evaluation has had a downward trajectory since the market has suffered a decline in the valuation.
The sentiment is still bearish as the market is predominantly in red with an average percentage of variation among the top 100 coins, which are around 3.72%.
As a result, the dominant position on the Bitcoin market has consistently been around the same levels around 52%.
Bitcoin BTC / USD price analysis
Since Friday, when the price of Bitcoin was $ 3712 in the open, the cryptocurrency rose to $ 4073 at its highest point on Saturday, but since the price reached those levels it was in a downward trajectory.
Looking at the time table you can see that the price has managed to stay above the horizontal resistance level for most of the day on Saturday, before eventually a red candle appears to push the price under it. When the price interacted with the lesser support, it returned to the horizontal level by repeating it from the negative side and as you can see after two interactions there was a refusal, which is why the price is currently again at its lower levels compared to the lower level. ; current minor interval.
RSI is indicating bearishness since it is forming a descending channel or triangle of some kind and is currently sitting at 40%, which means that the price is currently around the lower middle level of its current range with another negative aspect to be expected .
My Elliott Wave count also implies that we should expect a further disadvantage as the current structure seems to be a three-wave correction, probably an ABC Zigzag. If so, I would expect the interaction with the horizontal support at $ 3367, as it should end the X wave, after which another increase of the bold black line would be probable if the Z wave it starts to develop.
By zooming in on the 4 hour chart you can see that I have labeled this whole move from November 24th to December 24th as a WXY correction. This means that you should expect new lows for the price of Bitcoin since, after a correction, a continuation of the trend should occur.
But my predicted scenario implies that the correction will be prolonged by two more waves before seeing another bass at my long projected lens at $ 2926.
The other possibility is that the correction has ended on the Y-wave and this downward current is the beginning of the impulsive decrease that would bring the price to my intended target without further upward correction.
By zooming further into the daily chart you can see my long-term projection for the future Bitcoin price path. Looking at the chart below you can see that I expect an increase because the second wave X should recover the price and most likely will have the same length as the first wave length X which would bring the price of Bitcoin to $ 5400-5500.
However, I do not think the increase we have seen recently is the beginning of that recovery. Most likely this was a new test of the significant level of support broken (bold black line) before the price falls further and establishes a strong support needed for a correct recovery. This is why I reached my goal slightly below $ 3000, which is the lowest and most significant horizontal level so far.
Only after the price has found a strong support or has dropped quickly before going higher, considering that the temporary fund is in, and considering the period in which we are approaching I believe that you will see more lateral movement that indicates the 39, indecision, after which in the second half of January we will see the beginning of an increase in the cryptocurrency market.
But depending on the duration of the expected increase and the time needed to return to the expected levels, I conclude if the Z wave is in play or the correction is terminated as WXY.
Happy new blocks and I wish you a decentralized new year.
Greetings!
