Crypto Market Update: Consolidation After Run Up (BTC, BCH, XLM Price Analysis)

Crypto Market Update: Consolidation After Run Up (BTC, BCH, XLM Price Analysis)

From yesterday’s high at $142,548,000,000 the evaluation of the cryptocurrency market capitalization has decreased by around $8 billion dollars to its lowest point today.

  • Market Cap: $136,647,779,870
  • 24h Vol: $17,020,210,767
  • BTC Dominance: 53.9%

Looking at the global chart you can see that the evaluation is on the same levels from which the previous drop was made which means that prior support now serves as resistance. Since the evaluation is putting pressure on the resistance level I would be expecting a breakout soon, but a pullback that will draw in more buyers so the momentum could push the price higher is another possibility.

The market is mixed in color today with an average percentage of change among top 100 coins ranging around 2-3%. The biggest gainer today is Theta Token with a staggering increased of 131.15%., while SIRIN LABS Token is the biggest loser with a decrease of 26.75%.

Bitcoin’s market dominance has stayed around the same levels around 54% at first increasing from 53.4% on yesterday’s open until reaching 54.06% at its highest point and from there till now was steadily dropping to the current levels of 53.8%.

Bitcoin Price Analysis BTC/USD

From yesterday’s open at $4306 the price of Bitcoin has been going up and down in about 2% as the market consolidates after some increase has been made in the last couple of days. The cryptocurrency is currently being traded at $4231.6 which is 1.91% lower measured from yesterday’s opening.

Looking at the hourly chart you can see that the price action has formed a symmetrical triangle after the 12345 moves to the upside which indicates that consolidation is taking place as buyers and sellers are getting closer. The price interacted with the most significant horizontal resistance level which was the prior support at around $4500 and some strong resistance was indicated by the wick that was left behind the interaction.

The price is still above the horizontal support at $4247 which is a bullish sign but the level may be broken soon as a result of a breakout from the triangle. As this is a symmetrical triangle the possibility of a breakout is equal from both sides buy currently sellers are looking like in control.

Market sentiment

Hourly chart technicals are signaling a sell.

Pivot points

S3 2572.1
S2 3307.9
S1 3762.5
P 4498.3
R1 5177.2
R2 5688.7
R3 6424.5

Bitcoin Cash Price Analysis BCH/USD

From yesterday’s open at $309 the price of Bitcoin Cash has been hovering around the level like a median value from the range of about 2.87%. Currently, the price is at $302.6 which is 1.96% decrease overall.

On the hourly chart, you can see that the price action is stuck in a range which has the form of a symmetrical triangle much like in the case of Bitcoin. As you can see the range was created around the horizontal resistance level at $306 from which the price is currently lower as its sitting on the triangle’s support line.

We are going to see what happens now but the structure looks bearish since the price is putting pressure on the support levels. If the price breaks from the downside I would expect it to stop at between $289 or the next horizontal support at $281.7.

Market sentiment 

Bitcoin Cash is in the sell zone.

Pivot points

S3 108.08
S2 130.30
S1 152.51
P 250.48
R1 297.27
R2 400.22
R3 492.79

Stellar Price Analysis XLM/USD

From yesterday’s open at $0.16261429 the price of Stellar has decreased at first but has been increasing since and is currently 2.56% higher then it was on yesterday’s open as the crypto is being traded at $0.166371.

Looking at the hourly chart you can see that the price has broken the downtrend resistance line with a strong momentum and since it encountered the first strong resistance at $0.1679 the price action has started forming an ascending wedge. The mentioned resistance level was the S2 from the support zone range which was previously broken so it serves as strong resistance and as the ascending wedge is known to be a reversal pattern I believe that the price is heading down from here.

If we see a breakout from the downside than the price is likely heading down to the same levels from which the increase was made or slightly higher at around $0.147.

Market sentiment

Stellar Lumen is in the buy zone as indicated by the hourly chart technicals.

Pivot points

S3 0.13313699
S2 0.12582277
S1 0.15081082
P 0.19125761
R1 0.23170438
R2 0.25669244
R3 0.29713923


After the market has recovered slightly over the week we are now seeing the interaction with the first significant resistance levels as the market consolidates. The consolidation will soon be over and we are going to see the direction of the future trend but, since bears are still in control over the market and considering that some gains have been made I believe that over the weekend we are going to see a pullback.

The post Crypto Market Update: Consolidation After Run Up (BTC, BCH, XLM Price Analysis) appeared first on Blockonomi.



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