The price of Bitcoin couldn't break through the resistance of $10,400 and therefore retraced towards the next major support area, which is found at $9,500.
The market has a standard narrative that these gaps need to close before the price can continue moving, which essentially means that the Bitcoin price can surge back up towards $10,400.
The market capitalization rallied from $167 billion to $305 billion but couldn't break the resistance around $300 billion.
The green rectangle is a crucial support for the total market capitalization to hold.
As long as the total market capitalization holds the area between $250-265 billion as support, continuation looks likely to occur for the markets.
Altcoin market cap bounces on massive supportTotal altcoin cryptocurrency market capitalization chart.
The total altcoin market capitalization shows a similar structure to the total market capitalization.
Ether is showing more strength than Bitcoin recently, as it gained 135% since the low at $121. To date, Ether has surged more than Bitcoin in 2020 and today's bounce also implies that buyers are still willing to step into the altcoin.
Maintaining the $230-$235 area could generate traction towards $280 and possibly $360.The bullish Bitcoin price scenario.
The price of Bitcoin needs to hold the $9,400-9,450 area as support, which would confirm a new higher low and continuation.
Bitcoin Price Rally Over? Key $9.4K Support Zone Holds for Now
pubblicato su Feb 17, 2020
by Cointele | pubblicato su Coinage
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