From yesterday’s high at around $174,223,193,840 the evaluation of the cryptocurrency market cap has decreased by around 9.1% as it came down to $158,320,949,057 at its lowest point today.
Trade Crypto with eToro
Looking at the cryptocap index we can see that a breakout from the ascending triangle occurred as the evaluation started moving to the downside with strong momentum but it found support around the vicinity of the prior low levels.
The evaluation has formed a similar structure to the one after the last week’s increase ended and we have seen a three-wave movement to the downside which was an ABC correction.
This context is pointing out that the increase we have seen from last Friday was also corrective and in particular as the evaluation hasn’t exceeded the last week’s high made on Wednesday which is why the last downfall could be the part of the same corrective structure.
Cryptocurrency Market
- The market is in red with an average percentage of change in the last 24 hours ranging around 3.4% among the top 100 coins.
- The biggest losers are Maximine Coin and ABBC Coin with a decrease of over 12% but out of those who are in green there are also 12% movers like Crypto.com Chain.
- Bitcoin’s market dominance has increased by a little and is currently sitting at around 52.2%.
Bitcoin BTC/USD
From yesterday’s high at $5328.5, the price of Bitcoin has decreased by 7.04% measured to the lowest point to the price has been today so far which is at $4953.1. Since today’s low, the price has managed to come above the $5038 level which is a minor horizontal support point which is currently being retested again.
On the 15-min chart, we can see that yesterday’s downfall was made in a five-wave manner which has been labeled as the C wave from the third Subminutte correction after last weeks impulsive increase ended.
The price has made a dip below the support level from the presumed ascending channel in which the correction occurred and if now the price finds support there and doesn’t continue its downside trajectory that would most likely mean that we have indeed seen a three-wave correction of a higher degree.
If this is true, then the price is now set to go for another higher high but as it is now most likely headed upwards it could make an interaction with the broken lower interrupted level which is the first level from what’s presumed to be the resistance zone of the ascending channel of a higher degree.
If the price find resistance at around $5208 and starts again moving impulsively to the downside the increase could be the second wave from the higher degree downmove, but if the price manages to enter the territory of the resistance zone above and stays inside it for some time we might see a breakout to the upside for a higher high.
These wave structures are looking corrective so I don’t believe that we have started seeing the development of a higher degree downtrend but this would soon be validated.
Market sentiment
Bitcoin’s hourly chart technicals are signaling a buy.
Binance Coin BNB/USD
From last Wednesday when the price of Binance coin reached $20.56 at its highest point until yesterday when the price came down to $16.43 we have seen a decrease of 19.94%.
On the hourly chart, you can see that the price of Binance coin decreased in a five-wave manner from Wednesday which could be the start of an impulsive move to the downside as previosly the price has been in an uptrend from 15th of December which recovered the price for over 357%.
The impulsive move to the upside might not have ended in which case the last downside movement could be another correction before the final wave to the upside which I think its more likely as the last Wednesday’s increase has been labeled as the 3rd wave out of a higher degree impulse wave.
Now that the price found support on the minor ascending trendline and has started moving to the upside with strong momentum, increasing by 7.92% from yesterday’s low we are about to see what happens around the 0.786 Fibonacci level which serves as a significant resistance point.
If the price continues moving above it we are most likely seeing the continuation of the higher degree impulse but if it gets rejected and stars impulsively moving to the downside again, that could indicate the end of the bullish period for the price of Binance coin.
Market sentiment
Binance coin is in the buy zone.
Pivot points
- S3 11.8202850
- S2 15.3875880
- S1 17.3238640
- P 18.9548910
- R1 20.8911670
- R2 22.5221940
- R3 26.0894970
Conclusion
The cryptocurrency market has experienced as a decrease that looks like it ended yesterday as today we are seeing some bullish price action movement.
The decrease seen yesterday is considered to be the part of the same correctional movement from last Wednesday when the bullish momentum stoped which means that now we could be seeing the start of another impulsive move to the upside which would be the final wave of a higher degree impulse.
There is a possibility that today’s increase is correctional and that the attempt for the trend continuation would fail which is why looking at the area around $5208 for the price of Bitcoin could serve as an indication.
If the price continues moving above we are most likely seeing another higher high but if the price gets rejected and starts moving to the downside again the other scenarion would be more likely.
The post Cryptocurrency Market Update: Higher Highs Incoming (BTC & BNB Analysis) appeared first on Blockonomi.
April 12, 2019 at 09:52AM https://blockonomi.com from Blockonomi http://bit.ly/2IcgRhP
Comments
Post a Comment