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✅Why Is the Crypto Market Down Today?
From June 15 onwards, there has been a significant increase in TOTALCAP.
By June 20, it moved beyond a descending parallel channel and managed to break through the resistance zone of $1.15 trillion after 10 days.
On July 13, it nearly reached a new yearly high. But, it experienced a sharp decline immediately afterward
If TOTALCAP breaches this level, it is expected to decrease further towards the next support at $1.05 trillion. However, if there’s a rebound, TOTALCAP has the potential to rise to $1.50 trillion.
Bitcoin (BTC) Tries to Initiate Bounce
Starting from July 13, the BTC price has declined after being rejected at the resistance line of an ascending parallel channel. This resulted in the price reaching a low of $29,512 on July 18.
Following the drop, a rebound confirmed the validity of the channel’s support line and the horizontal support area at $30,000. However, the price has not displayed a strong upward movement.
If there is an upward movement, there is a chance for the price to increase toward the channel’s midline and potentially reach the resistance line at $31,500.
On the other hand, if the BTC price breaks down, it is expected to drop to $29,100. The 0.382 Fibonacci retracement support level establishes this support level.
Hedera (HBAR) Falls but Still Trades Above Support
The Hedera (HBAR) price has increased since creating a higher low on July 7. The rate of increase accelerated afterward, leading to a high of $0.061 on July 20.
While the price has fallen since, creating a long upper wick , it still trades above the $0.054 horizontal support area. As long as it does, the trend remains bullish.
Return to Updates
From June 15 onwards, there has been a significant increase in TOTALCAP.
By June 20, it moved beyond a descending parallel channel and managed to break through the resistance zone of $1.15 trillion after 10 days.
On July 13, it nearly reached a new yearly high. But, it experienced a sharp decline immediately afterward
If TOTALCAP breaches this level, it is expected to decrease further towards the next support at $1.05 trillion. However, if there’s a rebound, TOTALCAP has the potential to rise to $1.50 trillion.
Bitcoin (BTC) Tries to Initiate Bounce
Starting from July 13, the BTC price has declined after being rejected at the resistance line of an ascending parallel channel. This resulted in the price reaching a low of $29,512 on July 18.
Following the drop, a rebound confirmed the validity of the channel’s support line and the horizontal support area at $30,000. However, the price has not displayed a strong upward movement.
If there is an upward movement, there is a chance for the price to increase toward the channel’s midline and potentially reach the resistance line at $31,500.
On the other hand, if the BTC price breaks down, it is expected to drop to $29,100. The 0.382 Fibonacci retracement support level establishes this support level.
Hedera (HBAR) Falls but Still Trades Above Support
The Hedera (HBAR) price has increased since creating a higher low on July 7. The rate of increase accelerated afterward, leading to a high of $0.061 on July 20.
While the price has fallen since, creating a long upper wick , it still trades above the $0.054 horizontal support area. As long as it does, the trend remains bullish.
Return to Updates
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