As a rough price setback is shaking cryptocurrencies today, some currencies managed to do pretty well. It sure is not the case for the high profile coins. Here is a summary of the crypto market with a technical prices analysis for ETH and BTC. Let’s start with the market shape.
Top Winners & Losers, 24 hr Volume, and Market Capitalization
It was another cloudy day for crypto on the markets. Total Market Cap stands at $506 Billion USD, $20 Billion USD down compared to yesterday. The Total 24-hr Volume stands at $27 Billion USD.
RailBlocks, Lisk, Revain, Pillar, and Ethos have been the biggest winners so far. Little to no high-profile coins made the winner’s list today. Not your average selling day.
Most cryptocurrencies are still following a downtrend without showing signs of reversal.
Among the high profile coins, only ETH has been stable, hopefully paving the way towards better days ahead.
24 hr volume
In terms of 24-hr volume, Bitcoin continues to lead the market with close to a solid $10 Billion USD, up from $8 Billion USD yesterday. Ether comes second with $4.3 Billion USD against yesterday’s $3.2 Billion USD. There was a milestone for EOS, however – it just made the list with an impressive $1.2 Billion USD.
Top 5 by market cap
No big updates in the Top 5 by market capitalization. BTC dominance is constant at 33.5%.
Technical Price Analysis
BTC went below $10,000, triggering a fall of nearly $1000 during the USD session. There were some panic moments, during which bulls feared heavy losses, before reaching equilibrium.
Overall, it was a healthy move that confirmed support levels and seemed to pave the way towards a trend reversal. The current pattern backs up that claim, although we might need to wait for a few days. I think that a lateral but bullish scenario is favorable.
ETH prices encountered heavy selling pressure today. At some points, prices went below the $1100 level. The decline was such that the price traded below the previous $1040 support level.
Currently, the price is correcting above the 23.6% Fibonacci retracement given the from the $1010 low. The road upwards seems mountainous with a cluster of resistances taking shape around $1070 and $1080 levels. Any major correction from the current levels is likely to face sellers, starting from $1070 up to $1105. ETH will most likely remain within those ranges before starting to test new highs.