7 November Crypto Prices

Crypto News– The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) are approaching the culmination of their current patterns. Unfortunately, ImmutableX (IMX) couldn’t sustain its recent uptrend.

7 November Crypto Prices

In the competitive landscape of cryptocurrency exchanges, OKX is steadily approaching Binance, which stands as the world’s largest exchange in terms of active users. Additionally, OKX is making strides to expand its presence in Europe. Notably, there was a substantial inflow of $261 million into crypto investment products just last week. TOTALCAP has been following an upward trajectory within an ascending wedge pattern since October 23.

It’s worth noting that the ascending wedge pattern is typically considered bearish, implying that a future breakdown from this pattern is the most probable price movement. Currently, TOTALCAP is trading in proximity to the resistance trendline of the wedge. Despite the bearish wedge pattern, the six-hour Relative Strength Index (RSI) is displaying a bullish trend.

Market traders rely on the RSI as a momentum indicator to identify whether an asset is overbought or oversold, aiding them in their decisions to accumulate or sell. Readings above 50, especially in an upward trend, indicate a continued advantage for the bulls, while readings below 50 suggest the opposite.

As of now, the RSI is on the rise and is positioned above 50. Furthermore, it has broken out from its bearish divergence trendline (green).

Bitcoin Breaks Above Resistance Level

The price of BTC achieved a fresh yearly high of $24,984 on November 2 but experienced a significant decline thereafter. This decline led to a breach above the $35,000 horizontal level, which is currently serving as a resistance zone. The price is also adhering to an ascending support trendline, resulting in the formation of an ascending triangle in conjunction with the $35,000 resistance area.

In contrast to TOTALCAP, the six-hour Relative Strength Index (RSI) has not broken free from its bearish divergence trendline, and it is not exhibiting an upward movement.