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From yesterday's highs to around $ 202.5 billion in valuation, cryptocurrency market capitalization depreciated by over $ 10 billion, while it currently stands at $ 192.323,364.301
Bitcoin market dominance is steadily increasing in this bearish market indicating lack of confidence in space as a whole compared to the end of December last year, when market participants were more risk-prone [19659005] I expect this trend to last for the entire bear market ending at around 70% of the BTC domain. Those who are willing to sell must first sell their alts for BTC and then BTC for cash, so BTC's market share can serve as an indicator for market sentiment, the greater the percentage the lower risk people are willing to take and are ready to liquidate their position in the crypt and vice versa.
News
There are no significant news that are affecting the market at the moment and are responsible for this collapse. If ever, many of the titles of a few days ago are positive. Today, however, most securities are analytical in nature as prices are falling again.
The only significant title is that which correlates with the increase of the Bitcoin domain and is considering the increase of the BTC hahrate, especially compared to ETH.
Sam Doctor, a quantitative strategist at the market research firm Fundstrat Advisors, said in a Twitter post that the hashrate of the Bitcoin network had almost doubled since May, from 28 EH / s [quintillion hashes per second] to 57 EH / s. [19659008] The analysis of the doctor also showed that the break-even cost of a BTC is now $ 7,300 compared to $ 6,000 in May. This calculation includes the cost of depreciation of mining equipment and suggests the "fair price" of Bitcoin. Given this information, the cost of extracting a BTC is approximately 12% higher than the current price of the currency of about $ 6,300.
According to etherscan.io, the ETH hashrer dropped 20% in the last month, from 294 TH / s to 246 TH / s. By bringing cryptocurrency mining to its February levels, the decline is the biggest in the last year and perhaps even after the start of the currency in 2015.
Source: cryptovest
Bitcoin Price BTC / USD
to $ 6530 the price of Bitcoin has decreased by 4.67% and is currently trading at $ 6256.4
Looking at the hourly chart you can see that the price fell below the Fibonacci 0.236 level which served as support and the price stopped at the support level of the lower range from which the price passed above the 0.236 Fibonacci level compared to last week. Now that the price action is creating a cluster after the interval has been interrupted, I expect it to fall further below $ 6000 by creating a new low.
Market sentiment
Bitcoin is in the sales area, as indicated by the technical indicators of the hourly chart.
Points of articulation
S3 5504.6 S2 5960.6 S1 6236.7 P 6416.6 R1 6692.7 R2 6872.6 R3 7328.6
Ethereum ETH / USD Price
From yesterday's high to $ 227.27 the price of Ethereum decreased by 13% and currently trades at $ 197.61.
Looking at the 4-hour chart we can see that the price was once again rejected by the Fibonacci 0.236 level that pushed the price down. Similarly to the Bitcoin chart, the price action on the hourly chart started to form a cluster around the support level of the lower range and, as I expect a further decline, a breakout out of this level would push the price down at the next level of horizontal support strong enough to maintain the momentum that is at $ 153.
Market Sentiment
The hourly chart of the Ethereum technician indicates a sale.
Points of articulation
S3 84.11 S2 144.87 S1 183.17 P 205.63 R1 243.93 R2 266.39 R3 327.14
Litecoin Price LTC / USD
From yesterday's highs to $ 57.3 the price of Litecoin decreased by 9.88% and is currently trading at $ 51.98.
Looking at the 4 hours he can see that the price has been refused from the top line out of the support area that has pushed the price down looking for support inside the area. Now the price is the test of minor support under which it fell and it seems that it will not last long. Since the price is rejected by the minor resistance, we will probably see a breakout from the zone to the next horizontal support level that is considered to be the lower boundary of the current support zone interval.
Market sentiment
Litecoin is in the sales area
Points of articulation
S3 30.626 S2 42.406 S1 49.373 P 54.186 R1 61.153 R2 65.966 R3 77.746
Conclusion
Other red days are expected for the cryptocurrency market as we have seen a failure to break the minor resistance to the global chart. The encryption of the cryptocurrencies of the three main cryptos I have treated in this report also shows a bearish sentiment. Knowing some potential goals for the next period could be important but in the end who knows when this bear market would end. My forecast for the beginning of June is still at stake and awaiting the valuation of the market capitalization to reach about $ 177 billion, which is the next level that needs to be retested.
