[ad_1]
Yesterday, the valuation of the cryptocurrency market capitalization began around $ 137.2B and stood at $ 138.617B at its highest point, but from there it started to decline rapidly and stood at $ 121.846B at the lowest since yesterday. At today's opening, the valuation was $ 122.7 billion and before it fell from those levels to $ 121.898 billion, before rising to $ 123.925 billion, which was the highest point today, since it is come back down again and it's currently around the same Open levels.
- Market Cap: $ 122.470,034,472
- 24 hours a day: $ 18,879,954.871
- BTC Dominance: 52.6%
Today the market is in red with an average percentage of variation in the last 24 hours among the top 100 coins ranging from 3.47 to 5.49%. The biggest loser is once again Buggyra Coin Zero with a decrease of 12%, followed by Revain with a decrease of 10.35%.
The dominant position on the Bitcoin market increased and rose from 51.4% yesterday's opening to 52.66% at its highest point today, but is currently at 52.4%.
Bitcoin BTC / USD price
From today's opening to $ 3731, the price of Bitcoin dropped first to the horizontal support level at $ 3691, where it interacted with it and found support by leaving a small wick on the hourly chart. From there since the price support was established and another increase was made this time to $ 3749 and also increasing further, but the time candle closed at the indicated level.
This was a higher high than the previous one, so the price went to a downward trajectory and a higher minimum to $ 3710 was established, which indicates the establishment of the slight uptrend. After rising to $ 3710, the price has returned to the current hourly candle and is currently at $ 3737.6 but has gone up to $ 3754.
On the hourly chart, it is possible to see that the price has broken inside the descending channel area previously interrupted because an upward structure has pushed the price upwards. Now the price has found some support on the lower horizontal level of the retrace point of the previous t in which the arrival point of the Minute W wave is. It seems that the price is now in an upward trajectory after interaction with the horizontal level, in which case I would now expect it to move to the resistance line of the downward channels for a new resistance test that would be at $ 3768.5 .
Since this current downward movement is the Y wave of the mentioned Minute WXY correction, it will probably end with a five wave move, in which case this current upward movement would be the 4th corrective wave. In theory, the fourth wave could push the price to the end point of the first wave, so we could see another rise up to the horizontal resistance at $ 3994.4 before another minimum, but I do not think it would.
More likely we will see an interaction with the resistance line of the descending channels that has been well respected in the past and needed a strong impulse for a breakout in both cases, ending up as rejection and a further continuation of the trend waiting for another minimum.
I labeled my price path prediction with the orange brush, but I kept the initial goal at $ 3580. That does not mean that the decline would end there as most likely there will be an excessive reaction followed by a period of uncertainty that it would be imprinted on the charts as a lateral correction.
By zooming in on the 4-hour chart it is possible to see the higher degree fractal when the price of Bitcoin started a similar impulsive move, but on a larger scale and fell from $ 6488 to $ 3727.
As you can see the impulsive move was followed by a correction, so the correction followed up could bring the price of Bitcoin further down, in which case I would expect you to move to the next horizontal online level that could serve as support that is at $ 3540-3450.
Market sentiment
Bitcoin hourly charts are reporting 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
