Home Crypto Crypto Market Analysis Pullback In The Crypto Market Has Begun

Pullback In The Crypto Market Has Begun

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General overview

Market Cap: $407,231,674,925

24h Vol: $36,479,367,950

BTC Dominance: 39.1%

In the last 24 hours, cryptocurrency market cap evaluation went from $400B to just slightly below  $437B at the highest point, and is now 30 billion dollars less, sitting at around $407B.

 

Pullback In The Crypto Market Has BegunThe market is mostly in the red, with the numbers being from -0.38% for ZRX and -0.31 for Ontology to the most prominent loser among top 100 Bytom -17%. However there are some gains today, for example, Decred rose up by 27% followed by Tron whose price has increased by 21% in the last 24 hours.

News

Most talked about news in the last 24 hours is MyEtherWallet DNS hack, and for a good reason, people who have their funds stolen wanted to make sure others wouldn’t.

MyEtherWallet Warns That A “Couple” Of Its DNS Servers Have Been Hacked

Cryptocurrency wallet MyEtherWallet (MEW) tweeted a warning that a “couple” of its DNS servers have been hacked and users risk being redirected to a phishing site this morning, April 24. MEW is now in the process of verifying which servers have been targeted and is working to resolve the hack “asap,” they added.

Source: cointelegraph.com

Other news is either analytical in nature or just not relevant as a catalyst for impacting the market.

Bitcoin Price Will Top $11,500 Soon, Says Crypto Bull who Predicted Recent Crash And Rally

Bill Baruch, a cryptocurrency bull who foresaw both bitcoin’s recent slump and ensuing rally, has set a near-term bitcoin price target of $11,500 to $11,800. Baruch, the president of Blue Line Futures, has a pretty good track record for bitcoin price predictions. In February 2018, when BTC plunged to $7,200 during the market correction, Baruch confidently forecast that bitcoin would return to $10,000.

Source: ccn.com

MIT Publishes a Plan to ‘Destroy’ Bitcoin

The MIT Technology Review has a plan — or three — to take down Bitcoin. Writing in an article titled “Let’s Destroy Bitcoin,” tech writer Morgan Peck presents three scenarios that she believes could lead to Bitcoin’s eventual demise.

Source: ccn.com

Snoop Dogg to Perform at Ripple’s Blockchain Week NYC Party

Distributed ledger startup Ripple is hosting a VIP gathering featuring Snoop Dogg – and will be giving away 10 tickets to the event on Twitter.The company announced Tuesday that Snoop would perform at its XRP Community Night during Blockchain Week NYC in May. The event itself will celebrate the company’s work to date in developing its XRP token and the accompanying ledger technology.

Analysis

BTC/USD

In the last 24 hours the price of Bitcoin went from 8911$ to 9700$ which is 9,31% increase, but since the price reached the highest point, it has retraced to 9380$ where is now sitting.

Analysis BTC/USD

Looking at the daily chart, we can see that the price has created a higher high exceeding the levels of the price of the lower high, which is a bullish sign. The price has pulled back to the 0.786 Fibonacci level, but its still over the 100-day EMA.

 

The current market sentiment is slightly positive, meaning out of 199 mentions in total 65.33% are positive.

Bitcoin price sentiment is slightly positive

Source: sentimnt.io
current market sentiment is slightly positive

Zooming-in to the hourly chart we can see that the price has pulled back to the 50 EMA which held the price as well as the significant Fibo level.

Overall, hourly chart signals a buy.

 hourly chart signals

Pivot points

S3 6109
S2 7355
S1 8134

P 8601
R1 9380
R2 9847
R3 11093

ETH/USD

In the last 24 hours, Ethereum’s price changed only by +2.7%. However, the price went all the way up to 710$ before falling back to the levels at which is now sitting, just slightly above 660$.

ETH/USD

Looking at the daily chart, we can see that the price is still above 100-day EMA and 1.618 Fibonacci level.

The current sentiment for Ethereum is positive, meaning out of 98 mentions in total, 77,5% are positive.

 sentiment for Ethereum is positive

Source: sentimnt.io
Ethereum is positive

Looking at the hourly chart, we can observe the interaction with the 1.618 Fibonacci level better. The price went below it and is now retesting it from the other side. Also on this chart, we can see that the price has fallen to the 100 EMA which served as support.

 

Overall, hourly chart signals a sell.

Overall, hourly chart signals a sell

Pivot points

S3 324
S2 450
S1 527
P 576
R1 653
R2 702
R3 828

 

XRP/USD

In the last 24 hours, Ripple’s price has dropped by 5,8%.  Ripple opened at 0,87$, rose up to 0.96$ before falling down to the lower point from yesterday’s open at 0.82$.

XRP/USD

Looking at the daily chart we can see that the price of Ripple is on the downward trajectory, but its held by 100% Fibonacci level. The price is likely going to fall back to somewhere around the levels of the 50-day EMA and the blue support line at approximately 0.7$

 

The current market sentiment for Ripple is positive, meaning 79% out of 73 mentions in total are positive.

Ripple is positive

Source: sentimnt.io

XRPUSD-

Looking at the hourly chart, we can see that the price has begun falling steeply, going below 50 and 100 EMA and the 100% Fibo level.

Overall hourly chart signals a sell.

hourly chart signals

Pivot points:

S3 0.20439

S2 0.50804
S1 0.68659
P 0.81169
R1 0.99024
R2 1.11534
R3 1.41899

Conclusion:

The highly anticipated pullback in the crypto market has begun. This is only a short-term pullback, to retest prior levels for support. How low will it go? I wouldn’t be surprised to see market capitalization at around 350B again, but we will have to wait and see.

©Forex.Academy

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