The overall crypto market price analysis indicates the market has been in a consolidation phase for several days. Cryptocurrencies are trading around the support levels in the last few hours, with bulls trying to breach the resistance levels. Bitcoin and Ethereum are trading lower, while other major cryptocurrencies like Ripple and Litecoin have shown small gains. However, the overall market remains stagnant as investors wait for any indication of a potential price breakout or breakdown shortly.
Bitcoin and Ethereum Technical Analysis
Bitcoin price analysis indicates the king coin is still trading below $16,000 and is expected to trade sideways around the support levels. However, Bitcoin bulls have been struggling to breach the resistance in the last few days.Bitcoin is trading at $15,780.63 and is down by 2.67% in the last 24 hours.
The support levels for Bitcoin are at $15,250 and $15,000. On the other hand, the resistance levels are at $16,000 and $16,500.The Fib retracement levels indicate that Bitcoin is likely to trade sideways in the near term.
Ethereum price analysis shows that Ethereum is trading at $1098.22.62 and is down by 3.18% in the last 24 hours. The support levels for Ethereum are at $1,050 and $1,000. On the other hand, the resistance levels are at $1,100 and $1,150.
Altcoins Price Action
Altcoins price movement in the last 24 hours show a low volatile market.Huobi,Binance BNX and Tron are the top gainers while the worst performing is UNUS SED LEO and Chiliz.The crypto market sentiment is bearish as the overall price is still trading below the key resistance levels.
The overall market cap for the entire crypto market is continuing to decline, hovering at around $787.5 billion. Investors are waiting for any indication of a potential price breakout or breakdown in the near term.
As cryptocurrency markets become more mature and active, we can expect to see more volatility in the coming weeks and months. However, as long as Bitcoin continues to trade within this relatively tight range, it is likely that the overall crypto market will remain stagnant.
Overall, the crypto market has been in a consolidation phase for several days, as investors are waiting for any indication of a potential breakout or breakdown. Bitcoin and Ethereum have shown mixed price movement, with both coins trading below support levels but showing some signs of bullish momentum. However, the overall market remains stagnant as investors wait for any indications of future price movements.
