The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) increased yesterday, with the former moving above $47,000. BONK broke out from a descending resistance trend line.
In the news today:
TOTALCAP Approaches Previous Highs
The cryptocurrency market cap has increased swiftly since October when it bounced at the support trend line of an ascending parallel channel. The upward movement caused a breakout from the channel on December 4. It caused a breakout from the $1.61 trillion resistance area shortly afterward.
While TOTALCAP fell on January 3, it validated the channel’s resistance trend line as support and continued higher. Yesterday, the price reclaimed the $1.61 trillion resistance area.
If the upward movement continues, TOTALCAP can increase by another 25% and reach the next resistance at $2.10 trillion.
Despite this bullish price prediction, a close below $1.61 trillion will invalidate the breakout. Then, TOTALCAP could fall 20% to the channel’s midline at $1.37 trillion.
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Bitcoin Moves Above $47,000
Like TOTALCAP, the BTC price has increased rapidly since October. The movement caused a breakout above the 0.5 Fib retracement resistance level at $42,300.
After the price consolidated above the area, it began another upward movement this week, reaching a high of $47,281.
If the upward movement continues, BTC can increase by 6% and reach the next resistance between $48,600 and $50,500. This is a Fib and horizontal resistance area.
Despite this bullish BTC price prediction, a breakdown from the ascending support trend line can trigger a 10% drop to the closest support at $42,000.
BONK Price Finally Breaks Out
The BONK price had fallen under a descending resistance trend line since December 16. The decrease led to a low of $0.0000093 on January 8.
BONK regained its footing afterward and broke out from the descending resistance trend line today. It is approaching the $0.0000150 resistance area.
If BONK breaks out, it can increase by another 60% to the $0.0000200 resistance. However, if rejected, BONK can retrace 18% to validate the trend line at $0.0000105.
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