From yesterday when we saw a sudden spike to around $221,4B in the market cap the evaluation and then a retracement back to around $210B things haven’t changed much.
- Market Cap: $211,667,983,202
- 24h Vol: $14,501,298,547
- BTC Dominance: 54.0%
As you can see from the global chart the evaluation has started to form a bull flag with a clear uptrend line. The evaluation will potentially interact with the resistance off of the descending channel before a proper breakout from the triangle, but a breakout from the downside would be a more likely.
The market is showing mixed colors with an average percentage of change among top 100 coins ranging from 1-4%.
There aren’t any significant news that are impacting the market at the moment.
Bitcoin Price BTC / USD
From yesterday’s spike to $7789 the price of Bitcoin has retraced back significantly and is currently $6770.
Looking at the hourly chart we can see that the price has fallen below the horizontal support at $6876 which served as an indicator of a potential uptrend starting. Price action has created a symmetrical triangle which can be interpreted as a bull flag considering the strong momentum behind the up move. But as the triangle is symmetrical there isn’t still an indication of the direction. Aggressiveness is shown from both sides but considering the fundamental reason behind the recovery, I think it is more likely that we are going to see further decrease in price, potentially back to some of the significant levels like the descending triangles resistance or the next horizontal support level in order to establish support.
Technical indicators on the hourly chart are signaling a buy.
Cardano Price ADA / USD
From yesterday’s spike up to $0.0892 which is the next range horizontal resistance level the price of Cardano has decreased by 12.7% and is currently trading at $0.0773.
Looking at the hourly chart we can see that the price has fallen below the horizontal support level of the prior range at $0.0794 and has formed a flag similar to that of Bitcoin’s chart. As the price priorly broke out from the symmetrical triangle forming a down leg I believed that the price is going to break down from there and continue its downward trajectory but that didn’t happen. Instead, this leg breakout resulted in a massive spike upward. But as that spike resulted in a fakeout I believe that the price is heading down further and that the current flag pattern created by the price action will result in the price falling steeply to the levels from which the increase happened at around $0.0712. We may see a breakout on the upside to the horizontal resistance level at $0.0794 and a downfall from there.
Hourly chart technical indicators are signaling a buy.
Monero Price XMR / USD
From yesterday’s high at $124 the price of Monero has pulled back by 15$ as its currently $109.76.
As you can see from the hourly chart, yesterday’s spike was an interaction with the ascending channels support line which was previously broken but the price quickly came back below both the horizontal resistance level at $119 and the prior range support at $112. Currently, we are seeing a symmetrical triangle forming much like in the case of Bitcoin and Cardano, but what is interesting with Monero’s chart is that the resistance from the symmetrical triangle is also the resistance from the prior descending one that intersected the ascending channel pushing the price to break from the downside. As this line level served as a resistance in the past and apart from the fakeout was well respected I believe that it will also be this time and that the price will breakout from it on the downside causing the price to plumet to the levels from which it came at first and then continuing its downward trajectory.
Technical indicators are signaling a buy.
The post Crypto Market Update: Bitcoin (BTC) Cardano (ADA) Monero (XMR) Price Analysis appeared first on Blockonomi.