From yesterday the evaluation of the cryptocurrency market cap hasn’t changed much as it has been stuck in a horizontal resistance range and is bouncing off of its level.
- Market Cap: $120,967,487,186
- 24h Vol: $21,365,689,444
- BTC Dominance: 52.6%
From yesterday the evaluation increased overall as it came from $119,934,284,344 at its lowest point to $122,817,895,850 at its highest point today but since the highest point came up to the resistance line of the mentioned range a retracement back is occurring and the evaluation is at around $120,9 at the moment.
Bitcoin’s market dominance has been also hovering around the same levels but it has depreciated from 52.83% at its highest point yesterday to 52.38% at its lowest point today but is now at 52.6% where it is currently sitting. The market is mixed in color today with an insignificant percentage of change in the last 24 hours.
Bitcoin Price BTC/USD
From yesterday’s open when the price of Bitcoin was $3688 at the open the price hasn’t changed much as its only 0.26% lower and is sitting at $3679.
Looking at the hourly chart, we can see that the price has fallen today for interaction with the minor descending channel support line but it was only a quick spike as the price immediately came up above the 0.382 Fibonacci level.
As the price is still inside the descending range we are still seeing a struggle between buyers and the sellers so a breakout is soon to be expected but the direction of a breakout is still unclear.
Considering the context – the price has increased previously with strong momentum and is currently hovering below the descending channel’s resistance (purple line) which mean that the buyers are still putting pressure, a breakout to the upside looks more likely.
Looking at the wave structure inside the current descending range I see two consecutive corrections – one to the downside and one to the upside which was ended, so if another correction develops of the same degree it would be the third correction to the downside after which a breakout to the upside should occur, but there isn’t any more sideways movement inside the mentioned range we are immediately to see the start of move to the downside as the correction to the upside ended.
Bitcoin is in the sell zone as indicated by the hourly chart technicals.
0x Price ZRX/USD
The price of 0x has come down to my long projected target which you can see on the 4-hour chart below. I was expecting the 4th wave to interact with the broken uptrend baseline support which is what didn’t happen, instead, the price came up only slightly on the 4th wave retesting the broken support at the support zone and continued on moving to the downside as the 5th wave developed. Now that this has come to an end and we have seen further depreciation the Y wave from the Cycle count looks like it ended which is why recovery for the price of ZRX is soon to be expected. Would that be another impulsive move to the upside or just another prolongation of the same correction labeled as the second wave X we are yet to see but as the price has been hovering around the same levels as last year resistance when the price bottomed out inside a horizontal range, we are most likely going to see some price recovery.
Currently, the price is sitting at $0.236 level which is a higher low compared to the previous one at around $0.22 soo the expected recovery might already start, but we are going to be awaiting the confirmation in a form of another higher high compared to the previous one at $0.26.