BTC dominance 40.9% UP 0.2% in 24h Downside resistance remains at 35.5%. Next major upward support is 42.7% (April 12th BTC buy candle level). 40% is now the new short-term downside resistance.
Global Cap $258B DOWN $9B in 24h Resistance at $469B (May 8 peak), Interval resistance $412B. The 2018 low is $248B. Last week’s low of $291B short-term upward resistance.
Daily Global Volume $15.8B. UP $2.3B
Volume has surged on this sharply bearish move, indicating that the bulls are putting up a fight and losing many battles along the way until BTC went sub-$6,000 briefly. So volume confirms price and to expect some kind of V-shaped bottom or quick rebound from here would be ill-advised even though the first time breaking trend to the downside often looks like a V-shaped reversal.
To give this market volume some perspective, here are other 24h volume numbers for other dates at this global cap …
November 23, 2017 ….. $13.2B
April 1, 2018 ….. $11.2B
So we have considerably more volume and trading activity here than at the two other times we hit this market cap. The good news about this volume is that it shows more interest in crypto trading vs. comparable market caps. Probably one more reason why BNB continues to beat the overall market. The bad news, of course, is the prevailing downward trend. Market cap down nearly 50% from the May 8th highs.
