The total market cap of the crypto market is moving above its $ 300 billion support.
CRYPTOCAP has moved under an ascending line of support.
Its overall view is more bullish excluding BTC data.
The total market capitalization of the crypto market (CRYPTOCAP) broke above a significant horizontal level before validating it as support.
As long as it stays above this zone, the trend remains upward.
Crypto capitalization retests resistance
CRYPTOCAP has increased 186% since the March crash, now 186 days ago. Losses in early September brought it back down to the $ 300 billion level, validating it as support before rebounding slightly to around $ 320 billion. It is currently at this same level.
Although CRYPTOCAP again tested old resistance as support, technical indicators turned bearish. The Stochastic RSI formed a bearish cross and the MACD started to lose momentum. Additionally, the RSI is declining, although it has yet to generate a bearish divergence.
That said, even if the current move is a correction, based on the height of the previous rise (underlined in black), Bitcoin Revolution is expected to peak at least $ 405 billion or $ 587 billion. These two goals are also close to fibonacci levels 0.5 and 0.786 of the entire decline.
Cryptocurrency trader @Davthewave highlighted a graph of the total crypto market capitalization, in which we see that the latter is moving above the average rate of increase. While this may indicate that the rally is overly wide, it does not predict when the rate will fall.
An analysis of the daily chart gives us a more contradictory overview. On the downside, market cap has fallen below an upward support line in place since the March low. In addition, the RSI has fallen below the 50 line which is still in resistance.
On the bullish side, the Stochastic RSI has formed a bullish cross and the MACD is rising
If the market cap regains its support line, the trend is expected to remain upward. The reverse would probably be true if the CRYPTOCAP goes below its current support zone.
In conclusion, the direction of CRYPTOCAP is uncertain, but the long-term chart suggests that even if the current move is a correction, we can expect a high of $ 425 billion, or even $ 685 billion, before another fall.
The resurgence of the ascending support line it just passed below or a move below its current support zone will help us determine if the trend is up or down.
Knowing that it did not fall under its bullish structure, market capitalization without Bitcoin (BTC) data is more positive than that including BTC.