The price of Bitcoin had seen a substantial rally before the halving, as the price topped at $10,100.
Are the markets making itself ready for a breakout above this crucial resistance? Bitcoin is showing strength, but other cryptocurrencies like Ethereum's Ether and Cardano are also showing strength with double-digit performances in the past week.
The market showed a pre-halving crash, after which the price stabilized and consolidated.
The critical fact is that the market has been providing these higher lows since the crash on March 12.Therefore, Bitcoin is still trending upward since.
As long as Bitcoin remains above the $9,300 level, a further upward move can occur to retest the resistance zone at $9,800-10,100, increasing the chances of a breakout to the upside.
Once Bitcoin can do so, the next targets are $11,000 and $11,500, leading to a further surge of the whole cryptocurrency markets.
Total market capitalization cryptocurrency ready for a move towards $310 billionThe total market capitalization of cryptocurrencies is showing support above the 100-day and 200-day MA. The total market capitalization has consolidated inside a range as well, with support at $225 and resistance at $267-268 billion.
The altcoin market capitalization finally flipped the 100-day and 200-day MA as support.
That's opening the doors for further upwards momentum as the altcoin market capitalization broke above $82-83 billion in recent days.
The chart of Ether price is identical to the altcoin market capitalization.
Is Bitcoin Price Finally Ready for Breakout Above $10,000?
pubblicato su May 30, 2020
by Cointele | pubblicato su Coinage
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