Market Analysis: Wavy Day on the Crypto Market, Cryptos in the Red During the Morning, Green in the Afternoon, and Mixed This Evening

February 12, 2019 / by Zachary Mashiach

Bitcoin (BTC) rose from $3,560 in the early morning to $3,620 just after noon and has now dropped to $3,580 for a slight gain on the day. It appears resistance is not much higher than the current price and lies within the $3,600 to $3,700 range.

The current support level is around $3,500 to $3,550. The narrow range between the local support and resistance levels is causing Bitcoin (BTC) to trade in a narrow range. The long term support level is near $3,100, which was the bear market low reached in mid-December. In general, Bitcoin (BTC) has been declining slowly towards $3,100 since the beginning of 2019.

Bitcoin (BTC) is still near the top of the $3,500-$3,600 range, which was the price of Bitcoin (BTC) following the CME Bitcoin futures expiration for January. Data this month so far indicates that traders have largely gone short for February, and it is possible that Bitcoin (BTC) will eventually fall below $3,500 before the end of the month.

EOS is the big winner of the day with a 6.3 percent rally, and EOS has now surpassed Litecoin (LTC) for the number four spot on CoinMarketCap.

The rest of the crypto market has followed Bitcoin’s (BTC) trend of being down in the morning, up in the afternoon, and dropping this evening. This has resulted in a mixed day for the major cryptocurrencies.

Ethereum (ETH) is up 0.2 percent, Litecoin (LTC) is up 0.3 percent, Stellar (XLM) is up 0.3 percent, Monero (XMR) is up 1.5 percent, IOTA (MIOTA) is up 1.7 percent, and Dash (DASH) is up 1.5 percent.

As for the bears, Ripple (XRP) is down 0.2 percent, Bitcoin Cash (BCH) is down 0.3 percent, Tron (TRX)  is down 1.8 percent, Binance Coin (BNB) which is down 3.6 percent, Bitcoin SV (BSV) is down 0.4 percent, Cardano (ADA) is down 1.1 percent, and Dogecoin (DOGE) is down 1.1 percent.

Overall, the bulls and bears have negated each other today, and the total crypto market sits near $121 billion, the same as it was 24 hours ago. In the morning, the crypto market cap was as low as $120 billion, and before the evening drop, it was as high as $122 billion.

The bear market low for the total crypto market cap was $100 billion. It would take a crypto-wide 20 percent drop to retest this low, which is not out of the question until it is confirmed that the bottom is actually in.