Crypto Market Update: Start of the Minor Increase (BTC Analysis)

Crypto Market Update: Start of the Minor Increase (BTC Analysis)

From yesterday’s open at $120,414,725,117 the evaluation increased at first and came up to $123,364,604,274 at its highest point yesterday, from where it started decreasing again and was at $120,744,387,380 at its lowest point today. From there the evaluation started increasing again and came to around $121,473,000,000 before retracing back to a higher low at $121B from where it started increasing again and is currently at above $122B level.

  • Market Cap: $121,246,701,347
  • 24h Vol: $16,386,501,053
  • BTC Dominance: 52.4%

Looking at the global chart you can see that the evaluation is at around the resistance level from this last downtrend that has started on Monday, so we are now going to see either a full-blown breakout or a rejection.

Bitcoin’s market dominance has been hovering around the same levels as its currently again at 52.3% but has been decreasing today, following the increase of the evaluation of the market capitalization.

The market is mixed in color today and with a small average percentage of change in the last 24 hours among top 100 coins. The biggest percentage of change has been seen among those who are in green with double-digits.

BTC/USD

From today’s open at $3631 the price of Bitcoin has been increasing and came up to $3685,5 and even spiked higher to $3725 but the spike ended as a wick on the hourly chart. The price is currently at $3668.8 which is an overall increase of 1.04% so far.

Looking at the hourly chart you can see that I have labeled what was previously labeled as a 12345 wave as the second wave X as the wave structure looks corrective and not impulsive, although the structure will end up going a bit up as expected. This is because if this is the second wave X it is likely a three wave correction out of which the current triangle is the wave X, and another increase like the one that occurred on Monday is to be expected.

The price attempted a breakout in the previous hour but the price was quickly pushed back inside the territory of the triangle but hasn’t come down below the triangle’s support line. As it even didn’t go past the 0.382 level we might see the support holding which would result in the immediate breakout to the upside one the current hourly candle. This was the third interaction with the triangle’s resistance which indicates that the buyers are putting pressure from the upside but since the level was respected the sellers have managed to be as aggressive which lead to the formation of the symmetrical triangle.

Since the breakout point is getting close, as the price is close to the triangles’ apex, it will be also likely that the sellers are going to push the price down below the 0.382 Fibonacci level and the triangle’s support but only for a quick dip which would activate more buying momentum that is needed for expected recovery and the ending point of the second wave X.

In any way after this minor recovery ends I would be expecting more downside for the price of Bitcoin as this was a continuation of the correction which is developing since 24th of December when the price of Bitcoin came up to $4374.

Market sentiment

Bitcoin’s hourly chart technical indicators are signaling a buy.

Pivot points

S3 2759.4
S2 3310.8
S1 3506.4
P 3862.2
R1 4057.8
R2 4413.6
R3 4965.0

The post Crypto Market Update: Start of the Minor Increase (BTC Analysis) appeared first on Blockonomi.

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