Crypto Total Market Cap : Testing the most crucial level
Hello all, today I won't do a technical chart work on bitcoin because the bitcoin's movement is still in play with yesterday's analysis.
Currently the crypto market cap is testing the white region which becomes a strong area of resistance. Not just it's testing the area of .786 of fibonacci retracement which is the last crucial number of all the fibonacci level but, it's having an alignment with the white resistance trend line that has held since June 2019 where the last year's bullish market take place.
From the RSI perspective, there is a movement to breaches the 60 level which could be the action of shifting from neutral to bullish. This is however an action of the bulls to gain strength to breaks the strong resistance above. Similar with the RSI, the MACD is showing us a good deal too. The histogram is trying to claims back the positive side to give us a confirmation that the bulls is in control now.
Currently, the total market cap is at around $264 Billion and this area is a strong resistance. A broken above this region can lead the total market cap to $350 Billion which is the interim swing high. With this possibility of break out of the resistance, there is a possibility for the crypto market to have another bullish market too. Both on bitcoin and altcoins will get benefit from this potential money inflow from the increasing volume and total market cap.
Currently the crypto market cap is testing the white region which becomes a strong area of resistance. Not just it's testing the area of .786 of fibonacci retracement which is the last crucial number of all the fibonacci level but, it's having an alignment with the white resistance trend line that has held since June 2019 where the last year's bullish market take place.
From the RSI perspective, there is a movement to breaches the 60 level which could be the action of shifting from neutral to bullish. This is however an action of the bulls to gain strength to breaks the strong resistance above. Similar with the RSI, the MACD is showing us a good deal too. The histogram is trying to claims back the positive side to give us a confirmation that the bulls is in control now.
Currently, the total market cap is at around $264 Billion and this area is a strong resistance. A broken above this region can lead the total market cap to $350 Billion which is the interim swing high. With this possibility of break out of the resistance, there is a possibility for the crypto market to have another bullish market too. Both on bitcoin and altcoins will get benefit from this potential money inflow from the increasing volume and total market cap.
