Currently, the total market cap of crypto is 193.5 billion USD with a 24h Volume of 74 billion and BTC Dominance of 68.8% according to coinmarketcap.com.
Bitcoin has a market cap of 133.2 billion USD and trades around 7.350 USD on Coinbase as it has retested major resistance area around 7450-7700 USD once again with a rejection,
The price is currently being supported by both 100 and 200 period moving average, however, likely it will be broken to the downside. That could be used as a potential short position entry, although not with a good risk/reward potential as the price has already declined to the downside significantly from the weekly high.
Therefore, we expect more bearish momentum in the upcoming days, however, it would be best to stay neutral and wait for further price action development.
BTC/USD 4H:
Ethereum currently has a market cap of 13.9 billion and trades at 127.5 USD on Coinbase as it retested 131-135 USD resistance area, which could have been used to enter a short position and moved lower. Additionally, new several month low fo 116.21 USD was set and can be used as a first target for the next move to the downside.
Therefore, we expect further downside to be seen for the price of Ethereum, however, since the price has already moved lower significantly from the resistance area, a short entry right now would not offer good risk/reward opportunity and another retracement is needed to the upside.
For now, we would remain neutral and wait for further price action development.
ETH/USD 4H:
Ripple currently has a market cap of 8.3 billion and is trading around 0.192 USD on Binance as it has moved lower after retesting 0.2 USD previous support as a resistance and prepares for the next move to the downside with the first target being 0.1748 USD several month low.
The price has extended too far from the resistance in order to enter a short position right now, however, once a slight upside is seen, a short could be made as there is still significant room to the downside.
Therefore, for now, we remain neutral and look to wait for further price action development.
XRP/USD 4H:
Litecoin has a market cap of 2.58 billion USD and currently trades around 39.94 USD on Coinbase as it retested 100 period moving average blue line as well as previous support around 42-43 USD as resistance and currently looks to move lower once again.
Minor support around 39.8 USD is currently holding the price in place and if a slight bounce from this level is made a short position could be entered in expectation of further downside to be seen in the upcoming weeks with next major support target around 34.58 USD as well as previous several month low fo 36 USD.
Therefore, we remain neutral for now and recommend waiting for further price action development.
LTC/USD 4H:
Binance coin has a market cap of 2.08 billion USD and trades around 13.2 USD on Binance as it starts to trade lower once again after retesting previous support of 13.88 USD as resistance and reversing close to 100 period MA.
The price does not offer the best risk/reward potential right now and a slight move to the upside is needed for optimum entry, however, we expect further downside to be seen in the upcoming weeks.
Therefore, for now, we remain neutral, however, once a slight upside can be made a short position can definitely be taken in the expectation that 11.75 USD next support will likely be tested early next year.
BNB/USD 4H:
