TOTAL MARKET CAP

After reaching a low market cap of $118,756,275,055 price has gained $22,123,550,238 in the past 3days as bitcoin dominance continues to increase to 53.7%. To analyse the previous price move in the past 3days and the upcoming move, some chart pattern will be used.

Fundamentally there have been concerns that the hashrate has begun to dip alongside mining profitability, which is the cause of most of the major selloff of BTC and equipment from major mining operations and also affecting the price negatively.

TECHNICAL ANALYSIS

On the 3days time frame the market cap has maintained its falling channel down to hit last year's support and resistance level. Today being the 324th day of maintaing its trend inside the down slopping channel which the current candle stick is a reversal, currently holding up to the support level.

The market movement is changing as some coins percentages tends to go up ranginf between 10 - 40& gain.

Still on the same time frame(3days) using an indicator called BOLINGER BANDS(BB), price is out of the lower band(blue) which gives a signal of price reversal to the upside. Clearly shown on the chart, with every touches of the upper band(the green line(on green box) price will always pull back to test the ML(red line(RED BOX) between the upper and lower band) same goes to the lower band(yellow line(yellow box)).

The market cap needs to hold on its level of support so as to push higher.

While on the lower time frame (2hours time frame) price gradually formed a double bottom, which broke out and is currently consolidating within some levels of resistance and support. Using the ICHIMOKU set up(defaul setting 9,26,52,26), Ichimoku cloud prefers everything to remain in equilibrium. When the TK lines are spread far apart, this signals price moving quickly in one direction and can be thought of as an overbought indicator. For this reason, these will always represent counter-trend trade opportunities.

This set up will probably break the support and move lower or price will push up to break the resistance making a TK angulation.AS SHOWN BELOW:

The next coming week is going to be a challenging week for market cap and Bitcoin price, if the support is broken the market cap will retest its previous low price. More expectation on the increase in the market to around $149,363,457,024 or a bit higher.

Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)

Disclaimer: This is for educational purposes,it is not intended as a financial advice.

The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.