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The Bitcoin (BTC) price has retraced since reaching a new yearly high, while the crypto market cap (TOTALCAP) is trading at an important resistance area. Bitcoin Cash (BCH) continued its rally by reaching another new yearly high.
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Crypto Market Cap (TOTALCAP) Trades at Important Resistance
The TOTALCAP increased significantly since bouncing to the $980 billion level on June 15 (green icon). The increase caused a breakout from a descending parallel channel five days later, leading to a high of $1.17 on June 23. This took to the price to the $1.15 trillion resistance area.
If TOTALCAP breaks out, it could increase to a new yearly high near $1.30 trillion. However, if the price gets rejected, a drop to the closest support at $980 billion could be on the cards.
Bitcoin (BTC) Price Falls After Yearly High
The Bitcoin price reached a new yearly high of $31,431 on June 23. It did so after breaking out from a descending resistance line that had been in place since the previous yearly high. This is a sign that the previous correction has ended.
While the BTC price has decreased slightly since the high, the decrease looks corrective due to its considerable overlap.
If the decrease continues, the closest support area will be at the 0.382 Fib level at $28,900. However, if the price regains footing and moves to another high, the next resistance will be $34,780.
BCH Price Resumes Massive Ascent
The BCH price has increased rapidly since falling to a low of $90 on June 10. Yesterday, it culminated with a new yearly high of $235, an increase of 160% since the aforementioned low.
It is possible that this was the top of wave three in a five-wave upward movement. If so, the price will soon retrace in what is wave four before resuming its ascent to a new yearly high. Potential support for the bottom of wave four will be at $175.
Despite this bullish prediction, if the BCH price fall below the wave one high (red line) at $155, it will mean that the trend is still bearish. in that case, a drop to the closest support at $110 will be the most likely scenario.
For BeInCrypto’s latest crypto market analysis, click here.
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.
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