Total Crypto Market Cap (TOTALCAP) and Lido DAO (LDO) has produced positive patterns. And this Bitcoin (BTC) price has generated volatility during the week RSI.
There was some interesting crypto market news over the weekend. First, Bitcoin (BTC) On-chain cost basis It fell below $20,000 for the first time since 2020. The actual BTC price is almost six months below its on-chain cost. A very long time In history.
Next, the disgraced founder of the now-bankrupt business First Alameda Research and FTX refused Alameda is the one who says he doesn’t have wallets and moves money out of them.
TOTALCAP is forming a bullish pattern
Crypto Market Cap Dec. Between 18 and 30 $752 billion formed a double bottom pattern (green symbols) within the support area. A double bottom is considered a bullish pattern, meaning it leads to an upward move most of the time. Also, this pattern is linked to positive divergences in the six-hour RSI (green line), another sign associated with a bullish reversal.
Unsurprisingly, the cryptocurrency market cap started to move upwards after the second bottom and is now nearing the $770 billion resistance area. If it succeeds in moving above that, the next resistance would be $810 billion.
On the other hand, a rejection from this area would lead to a re-test of the $752 billion support area.
Bitcoin price closes the week slightly bullish
Bitcoin Price December 26 – Fall in the week of January 2, forming a small bearish candle. The key resistance area is at $18,400, which has been checked multiple times as support (green icons) and resistance (red icon).
Furthermore, the BTC price is following a descending resistance line that coincides with the aforementioned horizontal resistance area.
However, the weekly RSI has formed a positive divergence and its trend line is still intact. As a positive divergence on the weekly timeframe is rare, it is considered a strong bullish sign.
As a result, whether the BTC price breaks out of its descending resistance line or instead loses its elegant divergent trend line will determine the direction of the future trend.
LDO achieves resistance
LDO price checked a bearish resistance line for support on November 9 (green circle). After that, it came back to check support again on December 22nd (green icon) and started another upward movement. The bounce also created a double bottom pattern.
LDO price is now trading below the $1.28 resistance area. If it breaks out successfully, the next resistance will be $1.75. On the other hand, a rejection would lead to a drop to $1.90.
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