Cryptocurrency market cap decreased by over 2% yesterday, nearing a break below the $300 billion mark. Bitcoin (BTC) price closed below the 100-DMA, which could pave the way for a deeper correction. Ethereum is trading in a similar fashion as the sellers assume control of the price action below $350.BTC price closes below the 100-DMA
Bitcoin price closed 2.44% in the red yesterday as the sellers continue to dominate the price action. The period of consolidation is now taking place near the $10,000 handle, which may potentially result in the activated bear pennant.BTC/USD daily chart (TradingView)
The 100-DMA, which was broken yesterday, will now act as intraday resistance for the buyers. Moreover, the horizontal resistance line around $10,6000 will add to this resistance, in case we see an attempt to break higher.
Looking lower, the obvious target for the sellers is the horizontal support near $9,500. Beforehand, a move below $9,700 activates the bear pennant that could eventually take the price action to $8,100.ETH price falls below $350
Given that the Bitcoin dominates the overall cryptocurrency market, it’s no surprise that major altcoins are following BTC’s lead. Ethereum price is trading in a similar fashion as the period of consolidation is now taking place after a sharp selloff.ETH/USD daily chart (TradingView)
The sellers are yet to reach the 100-DMA in ETH/USD, which today comes at $307. This area is a major target for the sellers for this week, with a confluence of support levels located around the $300 mark. For investors looking to buy ETH on a dip, this level offers a great risk/reward ratio.TRX looking good
Elsewhere, TRON (TRX) price had a great day yesterday, when it gained almost 9%. You can read more about why TRX price gained recently in a separate analysis here. Chainlink (LINK) has also performed well in the past few days, as well as Binance (BNB) coin.Total crypto market daily chart (TradingView)
Looking at some smaller altcoins, the biggest movers today are yearn.finance (YFI), up over 16% on the day. On the other hand, Hyperion is the worst-performed of the day by a large distance, trading over 30% lower.Summary
The market capitalization of the cryptocurrency market fell nearly 2.5% yesterday after the major digital assets continued its pullback. Although the BTC price closed below the 100-DMA, it is yet to break important support near $10k, while Ethereum price looks primed to move to low $300s.
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