2020-10-1 20:00 |
The Total Cryptocurrency Market Cap (TOTALCAP) is in the process of re-testing a resistance area it has broken out from.
If the area holds, the TOTALCAP should continue moving upwards. The Altcoin Market Cap (ALTCAP) has a very similar price action.
TotalcapTOTALCAP has been increasing since reaching a bottom on March 13. The upward move continued until it reached a high of $383 billion on Aug 17. The cap has been falling since, dropping to the support area at ~$300 billion.
Inside this support area, a double bottom has been created, which is a bullish reversal pattern. Furthermore, all three indicators (MACD, RSI, and Stochastic Oscillator) are increasing, the latter having made a bullish cross.
All these suggest that an upward move is likely to follow, unless the support area breaks down.
CRYPTOCAP Chart By TradingViewCryptocurrency trader @TheEuroSniper stated that the total cryptocurrency market cap is at a decision point since it has fallen below the previous range low. A reclaim of the range would indicate that the cap is going to rally.
Source: TwitterHowever, a look at the weekly time-frame reveals that TOTALCAP has not actually fallen below the top of the range. If closing prices are used, the current decline is a re-test of the previous resistance area, common before the price moves higher.
In addition, several weekly closes in July/Aug 2020 were higher than those in July 2019, when a long upper wick was created, followed by a decline. Technical indicators do not yet show any weakness.
If TOTALCAP continues increasing, the next resistance area would be found at $425 billion, the 0.5 Fib level of the entire previous fall.
CRYPTOCAP Chart By TradingView Altcoin Market CapThe Altcoin Market Cap (ALTCAP) has a similar price action relative to the TOTALCAP but is slightly more bullish.
ALTCAP has already broken out from a descending resistance line and is moving higher. Technical indicators are almost identical, with all three indicators (MACD, RSI, and Stochastic Oscillator) increasing, the latter having made a bullish cross and the RSI being above 50.
Therefore, we would expect ALTCAP to continue moving upwards.
ALTCAP Chart By TradingViewFor BeInCrypto’s Bitcoin analysis, click here!
The post Is the Cryptocurrency Market Cap (TOTALCAP) Still Bullish? appeared first on BeInCrypto.
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