Crypto Trend reversal potentially starting today?

General overview

Market Cap: $430,509,684,622

24h Vol: $31,576,562,200

BTC Dominance: 36.8%

 

In the last 24 hours market cap has been struggling to create higher highs. Yesterday’s opening market cap evaluation was 345,980,000,000$ and it rose up to 441,274,000,000$ at the highest point. The second time it rose up it failed to exceed that prior high, coming to 438,6B. It is currently sitting at around 430B.

News

There was no significant news coming out in the last 24 hours. Dominant headlines are mostly analytical in nature.

Crypto Markets Edge Back Into The Green After Mid-Week Correction

Source: cointelegraph

Morgan Stanley Research: Defined Regulations Main Factor For Crypto Exchanges When Choosing Country

Thanks to its well-defined regulatory framework, Malta now accounts for the largest share of cryptocurrency trading volume in the world. This conclusion comes from a Business Insider report Sunday, Apr 29, that cites a recent research done by the Morgan Stanley bank.

Source: cointelegraph.com

BTC/USD Could Break $10,000

Source: newsbtc.com

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin hasn’t changed much. It went from 9350$ to 9520$ and is now sitting at approximately the same levels as on the start of April 29, which is 9340$.

 

Looking at the daily chart, we can see that the price action is constrained. Sunday ended on a doji, and we are now seeing the struggle to create higher highs. The price is above 100-day EMA and between 0.5 and 0.618 Fibonacci levels.

 

The current market sentiment is positive.

Looking at the hourly chart, we can see the sideways price action movement. The price is between 100 and 50 EMA, and it bounces back of the 100 EMA.

Overall, hourly chart signals a sell.

 

Pivot points

S3 7024.7
S2 8139.9
S1 8742.8
P 9255.1
R1 9858.0
R2 10370.3
R3 11485.5

 

ETH/USD

In the last 24 hours, the price of Ethereum rose only by 0.5%. The price is currently 686$ which is 4$ more than the yesterdays opening price.

The daily chart shows signs of a potential reversal. There is a strong resistance at these levels like in the case of Bitcoin. The price is struggling to form higher highs. However, the price is still above 50, 100 EMA and 1,618 Fibonacci level.

The current sentiment is very positive.

If we zoom into the hourly chart we can clearly see that the price hasn’t been advancing much to the upside, creating higher lows, but now higher highs. The price bounced off the 50 EMA and is now looking to get beyond the current high.

Overall, hourly chart signals a strong buy.

Pivot points:

S3 420.56
S2 541.36
S1 612.31
P 662.16
R1 733.11
R2 782.96
R3 903.76

 

XRP/USD

Like in the case of Ethereum, Ripple’s price hasn’t changed in the last 24 hours. It is around 0.852$ which is approximately the same as on the yesterdays opening.

Looking at the daily chart, we observe that the price is still below 100% Fibonacci level, but above its 100 and 50-day EMA which is a bullish sign.

The current market sentiment is positive

Looking at the hourly chart, we see that the price is interacting with the 100% Fibo level and is now like in this upward channel which leads to the strongest resistance line. These levels are going to be very interesting to watch, as we can see some crazy influx in volume soon.

Overall, hourly chart signals a sell.

 

Pivot points

S3  0.29625
S2 0.29625
S1 0.57893
P 0.77278 1
R1 1.05546
R2 1.24931
R3 1.72584

 

Conclusion

After Sunday ended with a doji on the three major cryptocurrencies that we are covering in this report, I would expect the prices to temporarily reverse. Market cap is showing signs of struggle which is also imprinted in the chart of Bitcoin, Ethereum, and Ripple. If today’s candle closes red, I believe the trend reversal is starting.

©Forex.Academy