Crypto News – Both the TOTALCAP and BTC rallies have stopped today. Following a big surge, TIA is now retracing.
The Crypto Market Fell Today: Investors Wonder What’s Behind It
Since November 9, the TOTALCAP has moved below the resistance zone of $1.40 trillion. On November 15, it passed over the region (green circle) but dropped below it very soon after. Consequently, a deviation above the horizontal resistance area was produced.
TOTALCAP validated the $1.40 region as resistance (red icon) yesterday by reaching it once more. Should the decline persist, TOTALCAP has the potential to descend another 11% and arrive at the $1.24 trillion support level.
Bitcoin is in a Corrective Pattern
Starting on October 23, the price of Bitcoin has risen within an upward parallel channel. Corrective motions are frequently present in such channels, which increases the likelihood of a collapse in the future.
At the moment, BTC trades in the middle of this channel, suggesting that the trend is uncertain. The nearest support at $34,200 is a potential 8% drop in the price of Bitcoin if it breaks out of the channel.
TIA Price Declines Since Hitting Peak
Since November 10, the price of TIA has dramatically escalated. The increase has been almost exactly parabolic, peaking on November 18 at $7.42. But since then, the altcoin has declined. The six-hour RSI (green line) showed a bearish divergence prior to the decline.
The price is getting close to $5.30, the support level of the 0.382 Fib retracement. It can drop another 25% to the nearest support at $4.30 if it collapses.