Cryptocurrencies are closely approaching the end of the first month in 2018 with substantial setbacks. Amidst fear and market uncertainty, sensations seem to point towards a bearish market overall, with a few exceptions. Let’s start with today’s highlights.
Today’sWinners & Losers, 24th Volume, and Market Capitalization
Looking at the market’s movements, it’s fair to say that most cryptocurrencies are struggling through a severe setback. Total Market Cap stands at US$527 Billion, and the Total 24-hr Volume at US$20 Billion.
TOP#5 in terms of 24th Volume
And … TOP#5 in terms of Marketcap
No big updates in the Top 5 coins by market capitalization. BTC dominance is still around 33.5%. NEO is now #6 with eyes on the Top 5, and LTC is still diving deep – hopefully not into oblivion – and losing hard-fought ground. I used to cherish the silver to bitcoin’s gold, so I chose to #BTFD!
Technical price analysis
A descending triangle pattern is taking shape that would most likely close around US$ 9,000. Once below such level, it’s possible to sense greater selling pressure by the bears with panic selling taking the lead and engendering a price punishment. It’s likely to see BTC/USD trading at US$ 8,000 if this happens. Scary indeed, but remember that in the crypto roller-coaster, patience is money.
Also important to keep in mind is that if Bitcoin breaks out of the US$ 12,000 levels, defying the odds, it will invalidate a bearish pattern, and that is a bullish sign.
Currently trading at around US$ 1,122, after a one-day high of US$ 1,265, which is close to 78.6 percent of the Fibonacci retracement levels.
An educated guess? The ETH/USD pair will plummet below the US$ 1,120 support. This is greatly needed for steam to build before attempting to break the new resistance taking shape at around US$ 1,200.
I’m setting a stop loss at US$ 1,000 because the bills ain’t going to pay themselves! That being said, I will certainly #BTFD soon.