Crypto News – Significant resistance zones are traded below the price of Bitcoin and the Crypto Market Cap. An important horizontal resistance was not broken by IOTA.
The Crypto Market Today Generally Rises
Since November 9, TOTALCAP has been trading within an ascending parallel channel. More recently, on November 24 (red icon), it was rejected by the channel’s resistance trend line, which caused a large decline. However, on November 28, TOTALCAP found its footing again and started to rise.
At $1.40 trillion, TOTALCAP was also rejected during this period. It is currently trading below this horizontal barrier but above the midpoint of the channel after failing to break out from it yesterday. TOTALCAP can rise by 6% and hit the next resistance level at $1.47 trillion if it breaks out of this obstacle. The 1.61 external Fib retracement of the last decline creates the barrier.
Bitcoin is in a Triangular Formation
Ever since November 9, the price of Bitcoin has fluctuated within a triangular pattern. More recently, on November 22 (green icon), it began the current upward advance with a bounce at the ascending support trend line of this triangle. $38,000 is the triangle’s resistance. Prior to that, on November 24, the price of Bitcoin climbed above it (red indicator), but it was unable to maintain its rise.
Bitcoin climbed over this resistance yesterday but then fell below it again today. The price of Bitcoin can rise by 8% to the next barrier level at $41,000 if it continues to trade above this resistance zone. The target can be located by projecting the triangle’s length to the breakout level.
IOTA Price May Go Even Higher
In November of last year, the price of IOTA rose above a long-term trendline of declining resistance. The price stabilized this week, rising to a high of $0.29 after initially faltering.
After IOTA dropped below the $0.26 horizontal resistance level, it appeared as though this had caused a breakout, resulting in a long upper wick (red icon). IOTA can rise by 45% and hit the next resistance level at $0.35 if the price breaks out over $0.26.
Leave a comment