Why is the Crypto market up today?

Bitcoin (BTC) price and Crypto Market Cap (TOTALCAP) are trying to enter long-term support levels. BEAM tries to get out of the exit triangle.

Today in the news:

TOTALCAP attempts to climb out of support

The cryptocurrency market cap has risen rapidly since October when it entered the support trend line of the ascending parallel channel (green icon).

The upward move resulted in a break out of the channel on December 4th and a short break from the $1.61 trillion resistance area.

TOTALCAP hit a high of $1.81 trillion on January 11 but failed to sustain its gains. Instead, it formed a long upper wick (red icon) and returned to support at $1.61 trillion. Looks like it's starting to shake this week.

If the price closes below the support or rather hovers it may determine the direction of the future trend.

A close below support and a drop in the channel could create a 16% decline to the midline of the channel at $1.40 trillion. Conversely, a rally could result in a 30% increase to the next resistance at $2.10 trillion.

Internal support for Bitcoin transactions

Like TOTALCAP, the price of BTC has risen rapidly since October. The move resulted in a flash above the 0.5 Fib retracement resistance level at $42,300.

After the price strengthened above the area, it started another upward move, reaching last week's high of $49,970.

But BTC failed to sustain its upward movement and later fell, forming a bearish, shooting star candlestick (red icon). BTC is trading at the 0.5 Fib retracement support level at $42,300 and will try to break out this week.

Whether it crashes or falls can determine the future trend of Bitcoin. A breakout could lead to a 28% BTC price drop to the next support at $30,600, but a breakout could lead to a 20% rise to $51,000.

BEAM Tests Breakout

BEAM's price has risen along the rising support trend line since early January. In doing so, it attempted to break above the $0.022 resistance area.

When combined, these form an ascending triangle, considered a bullish pattern. After a successful tagging test, BEAM was moved above the defensive area earlier today.

A breakdown that travels the entire height of the pattern takes the BEAM to $0.030, an increase of about 35%.

Despite this bullish price projection, a close below $0.022 will destroy the breakout and result in a 17% drop to the upward support trendline at $0.019.

Click here for BeInCrypto's latest crypto market analysis.