Why the Crypto Market Is up Today

The total crypto market cap (TOTALCAP) has fallen since reaching a high of $827 billion on Dec. 5. The downward movement caused a breakdown from the ascending support line the next day and its validation as resistance on Dec. 7 (red icon). 

After the breakdown, the crypto market cap bounced at the 0.382 Fib retracement support level at $792 billion. It began an upward movement afterward and is approaching the $825 billion resistance area. 

A breakout above it would be a bullish sign that would likely lead to new highs. 

Conversely, a rejection from the area could lead to a fall toward $770 billion, the 0.618 Fib retracement support level.

Bitcoin Price Reclaims $17,140 area

The Bitcoin price has increased inside an ascending parallel channel since Nov. 21. The upward movement led to a high of $17,424 on Dec. 5. 

However, it fell shortly afterward and reached the support line of the channel twice more (green icons). The ensuing bounce reclaimed the $17,140 resistance area. 

As a result, the most likely movement is an increase toward the resistance line of the channel. 

Conversely, a close below the $17,140 resistance area could lead to a breakdown from the channel and a drop towards the 0.5-0.618 Fib retracement support levels at $16,220-$16,450.

Trust Wallet Token (TWT) Approaches All-Time High

The TWT price has increased since breaking out from a symmetrical triangle on Dec. 5. The breakout marked the end of wave four in a five-wave upward movement (white) that began on Oct. 2. 

The 1.61 eternal Fib retracement of wave four leads to a price target of $3.28. This is a likely area for the top of wave five. 

Afterward, a significant correction is expected.

For BeInCrypto’s latest crypto market analysis, click here.