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Crypto Industry Outlook:
On Sunday Bitcoin and Ethereum fell 12% and 20% respectively in about 6 minutes during Flash Crash. Over $ 1 billion in positions have been liquidated.
According to Bybt market data, over 72,422 traders have liquidated in the last 24 hours. The largest single $ 10 million liquidation occurred on BitMEX. As Bitcoin and Ether marked new heights, many of the top 20 altcoins saw impressive gains. XRP grew 19.7%, Stellar Lumens (XLM) grew 13.25% and Dogecoin (DOGE) 12.93%.
According to CoinMarketCap, the total cryptocurrency market capitalization currently stands at $ 338.3 billion. Bitcoin's domination index is 61.5%.
Technical Market Outlook:
The BTC/USD pair has dropped from $12,035 to $10,494 during the Flash Crash and then bounced to the level of $11,317. The level of $12.035 is the new yearly ATH, so the market sentiment is clearly bullish. Currently, the market trades around the level of $11,000 in a narrow zone located between the levels of $10,895 - $11,317. Any violation of either of those levels will indicated a possible direction for the nearest future. Please notice the neutral momentum that support the sideways view for the market during the next 24 hours.
Weekly Pivot Points:
WR3 - $14,325
WR2 - $13,003
WR1 - $12,116
Weekly Pivot - $10,976
WS1 - $9,784
WS2 - $8,681
WS3 - $7,717
Trading Recommendations:
Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.