From today’s low at $215B the evaluation of the cryptocurrency market capitalization increased to $220,327,811,433 at the highest point.
Take a look at our Live Coin Prices & Market Caps
- Market Cap: $219,614,436,145
- 24h Vol: $13,014,359,413
- BTC Dominance: 52.0%
Looking at the global chart you can see that the downtrend’s resistance has been broken and the evaluation looks like it heading down currently, potentially to retest that level for support. For now, the evaluation is still inside the range from resistance at $224B to $205B support in which it has been from 21. of September.
There aren’t any significant news today that could impact the market.
Bitcoin Price BTC/USD
From today’s open at $6526 the price of Bitcoin increased by only 1.26% and is currently trading at $6612. The price appears to be in an upward trajectory after a small pullback so we could expect a further increase today at least to the symmetrical triangle’s resistance line and then potentially to the descending (red) triangle’s resistance line around $6700. The price could also stop here if the resistance from the prior minor uptrend support proves to be strong.
If the second is the case and this minor support rejects the price then the next stop for the price action would be my expected breakout zone between $6516 and $6390. The second scenario is in my mind more likely because I don’t believe that we are going to see a breakout from this current symmetrical triangle today.
Market sentiment
Bitcoin is in the buy zone.
Pivot points
S3 5587.1 S2 6085.5 S1 6341.4 P 6583.9 R1 6839.8 R2 7082.3 R3 7580.7
Ethereum Price ETH/USD
From yesterday’s low at $215 the price of Ethereum has increased by 3.94% and is currently trading at $225.15.
Looking at the hourly chart you can see that the price broke out from the symmetrical triangle on the downside but has now increased to the levels of prior horizontal support at $226 retesting for resistance. The price is in an upward trajectory indicated by the RSI, but the resistance might be strong enough to reject the price. Bollinger bands indicate the top of the range but another interaction with the upper BB line could be expected. Price action and significant levels are indicating strong resistance but indicators are bullish which is why another upward movement would come as a surprise before the further decrease.
Market sentiment
Technical indicators are signaling a buy.
Pivot points
S3 133.10 S2 180.47 S1 206.00 P 227.84 R1 253.37 R2 275.21 R3 322.58
Ripple Price XRP/USD
From yesterday’s low at $0.519 the price of Ripple has increased by 4.78% and is currently trading at $0.544.
Looking at the hourly chart we can see a similar situation like in the case of Ethereum – the price action is currently indicating resistance and indicators are bullish. RSI is around 60% and in an upward trajectory. As the price is currently retesting the minor range resistance line I believe that from here the price will pull back today at least to the middle of the Bollinger Band range. Will it continue this uptrend? I don’t believe so. Looking at the price action this last upswing looks corrective and after it ends I would expect for the price to decline further.
Market sentiment
Ripple is in the buy zone overall, but it looks more like neutral if you further inspect the specifics.
Pivot points
S3 0.20587 S2 0.37037 S1 0.46973 P 0.53487 R1 0.63423 R2 0.69937 R3 0.86387
Conclusion
The cryptocurrency market recovered slightly today, but judging from the analyzed chart the resistance zones are near. Buy the end of today we are going to see if the momentum keeps up and the resistance gets broken on the upside and prices continue to recover, or would that resistance be strong enough to reject the prices and push them in a downward trajectory once again.
The post Crypto Market Update: Recovery Today But for How Long? (Bitcoin, Ethereum, Ripple Price Analysis) appeared first on Blockonomi.
October 04, 2018 at 08:48AM https://blockonomi.com from Blockonomi https://ift.tt/2P8l31G
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