Traders, let’s examine the Crypto Total Market Cap (CRYPTOCAP) on the daily chart—a setup with well-defined levels to monitor. We’re navigating an ascending channel since February, with price action respecting this structure. The lower channel support at 2.31T (0.236 Fibonacci level) is a critical bounce area, consistently providing support, as seen with the recent hold at 2.326T. This level also aligns with the cup pattern’s wall support, making it a significant zone for potential buying interest if revisited.
A notable confluence: the recent rejection at 3.321T hits the 0.382 Fibonacci level (3.33T), where the 13 EMA on the daily chart also converges—a high-probability area for traders. This positions 3.33T as a key level for bullish momentum. If price bounces off the 13 EMA or above,
Bitcoin could reach a new all-time high around $125,000. At $125,000, with Bitcoin’s recent 63% dominance (up from 60% at the peak, reflecting its strength), the total market cap would climb to approximately 3.905T (Bitcoin market cap = $125,000 × 19.7M = 2.4625T; 2.4625T ÷ 0.63 = 3.905T), exceeding the current high of 3.66T.
On the downside, if price drops below 2.88T, the bullish run may be over. We might see a bounce, but it’s likely to form a lower high—potentially around 3.0T to 3.1T—before continuing a downward trend. Interestingly, the 3.1T level also aligns with an extension of the cup pattern’s support structure, reinforcing its importance. At 3.1T, Bitcoin would likely trade near $99,500 (based on 63% dominance), making this a critical area to watch for both support and potential reversal. A break below 2.31T targets 2.21T (0.0 Fibonacci), and further weakness could push price to 2.0T, a level that may clear out weaker positions.
I lean bullish if we hold above the 13 EMA at 3.33T, targeting a new Bitcoin high of $125,000 and a total market cap of 3.905T. However, a drop below 2.88T suggests a lower high and a bearish continuation, with 3.1T (and its cup support alignment) as a key level to monitor. The channel, Fibonacci levels, and 13 EMA offer a clear roadmap—stay alert at these zones.
A notable confluence: the recent rejection at 3.321T hits the 0.382 Fibonacci level (3.33T), where the 13 EMA on the daily chart also converges—a high-probability area for traders. This positions 3.33T as a key level for bullish momentum. If price bounces off the 13 EMA or above,
Bitcoin could reach a new all-time high around $125,000. At $125,000, with Bitcoin’s recent 63% dominance (up from 60% at the peak, reflecting its strength), the total market cap would climb to approximately 3.905T (Bitcoin market cap = $125,000 × 19.7M = 2.4625T; 2.4625T ÷ 0.63 = 3.905T), exceeding the current high of 3.66T.
On the downside, if price drops below 2.88T, the bullish run may be over. We might see a bounce, but it’s likely to form a lower high—potentially around 3.0T to 3.1T—before continuing a downward trend. Interestingly, the 3.1T level also aligns with an extension of the cup pattern’s support structure, reinforcing its importance. At 3.1T, Bitcoin would likely trade near $99,500 (based on 63% dominance), making this a critical area to watch for both support and potential reversal. A break below 2.31T targets 2.21T (0.0 Fibonacci), and further weakness could push price to 2.0T, a level that may clear out weaker positions.
I lean bullish if we hold above the 13 EMA at 3.33T, targeting a new Bitcoin high of $125,000 and a total market cap of 3.905T. However, a drop below 2.88T suggests a lower high and a bearish continuation, with 3.1T (and its cup support alignment) as a key level to monitor. The channel, Fibonacci levels, and 13 EMA offer a clear roadmap—stay alert at these zones.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.