The Bitcoin (BTC) price and the crypto market cap (TOTALCAP) both trade inside crucial resistance levels but have created differing patterns. NEM (XEM) has increased by 25% so far today.
Exchange operator Cboe submitted an amendment for five Bitcoin ETFs. This caused Coinbase Global to gain 9.7% on Tuesday.
Crypto Market Cap (TOTALCAP) Creates Bearish Pattern
The TOTALCAP has increased since breaking out from a descending parallel channel on June 20. This suggested that the previous correction is done. The price reached a high of $1.20 trillion on July 3.
However, TOTALCAP has not moved above the $1.16 trillion resistance area. Rather, it was rejected by it several times. It is possible that TOTALCAP trades in a head and shoulders considered a bearish pattern. If so, it will soon complete the right shoulder and then break down from the pattern.
A drop to the $1.06-1.08 trillion support area will be expected in that case.
However, if TOTALCAP breaks out above the $1.16 trillion area it will invalidate the bearish pattern and likely increase to $1.30 trillion.
Bitcoin (BTC) Price Increases Inside Corrective Pattern
The BTC price has traded between $30,000 and $31,500 since June 21. The movement has been contained inside a horizontal parallel channel, which is a sign of a corrective movement.
The channel has a slight downward tilt, making a breakout more likely. The BTC price just moved above the channel’s midline, supporting this possibility. However, the direction of the future trend is not confirmed yet.
If the BTC price breaks out, it can move to the next resistance at $33,000. However, a drop to $28,920 will be expected if it breaks down.
NEM (XEM) Price Clear Horizontal Resistance
The NEM price has increased since its $0.022 low on June 10. The upward movement accelerated on July 12, causing the price to move above the $0.033 horizontal resistance area. So far, the price has increased by 25%.
If the upward movement continues, NEM can move to the next resistance at $0.043. On the other hand, if the price breaks down below $0.033, a drop to the $0.025 low will be likely.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
