Crypto News
The Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) replace above lengthy-time length Fib resistance ranges. Mantle (MNT) trades at an all-time excessive.
In the news this day:
- Michael Saylor’s MicroStrategy X story turned into hacked, costing $440,000 in stolen funds.
- Saifedean Ammous, the creator of the Bitcoin Regular, is exposing financial manual’s hypocrisy towards Bitcoin.
TOTALCAP Closes Above Serious Resistance
The cryptocurrency market cap has elevated considerably within the past three weeks, growing successive bullish weekly candlesticks.
After inspiring above the 0.382 Fib retracement resistance stage at $1.61 trillion, TOTALCAP elevated and closed above the 0.5 Fib retracement resistance stage of $1.88 trillion. If the upward motion continues, the following resistance will likely be at $2.10 trillion, 9% above the fresh tag.
Despite the bullish TOTALCAP tag prediction, closing below the 0.5 Fib retracement resistance stage can situation off a 17% drop to the closest reinforce at $1.61 trillion.
Bitcoin Upward Motion Stalls
In a similar design to TOTALCAP, the Bitcoin tag has elevated for the reason that initiate of January. The upward motion resulted in a excessive of $53,000 in February, the very top since 2021. This additionally resulted in a stop above the 0.618 Fib retracement resistance stage of $48,640.
Despite the bullish BTC tag action, it is price pointing out that the weekly Relative Strength Index (RSI) shows weakness. While TOTALCAP’s RSI invalidated its bearish divergence, Bitcoin’s did not, confirming it with final week’s stop.
After 5 successive bullish candlesticks, the BTC tag created its first bearish candlestick final week. If BTC does no longer stop below the 0.618 Fib retracement resistance stage, it would possibly per chance per chance likely improve to the subsequent resistance at $65,000, 25% above the fresh tag.
Despite the bullish BTC tag prediction, a stop below $48,600 can situation off a 22% drop to the closest reinforce at $40,600.
MNT Reaches All-Time Excessive
The MNT tag has elevated for the reason that initiate of January. On the muse, it encountered horizontal and diagonal resistance but broke out on February 25. The breakout resulted in a original all-time excessive of $0.95 this day. If the MNT upward motion continues, the price can improve by every other 11% to $1.03.
Despite the bullish MNT tag prediction, failure to shield the improve can situation off a 13% drop to the closest reinforce at $0.80.
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