BeInCrypto - The Total Crypto Market Cap (TOTALCAP) suffered a sharp sell-off on May 11 while the Bitcoin (BTC) price broke down from its bearish pattern. made unsuccessful bounce attempts on May 10. Pepe (PEPE) broke below an important Fib support level.
In the news, the US Chamber of Commerce called out the SEC for what it believes is harmful and unlawful action against Coinbase (NASDAQ:COIN).
Crypto Market Cap (TOTALCAP) Resumes Its Descent
The TOTALCAP has fallen since April 14, dropping below the $1.16 trillion area after six days. Then, it validated the area as resistance twice, on April 26 and May 6, respectively (red icons).
The price action is considered bearish. A breakdown below a horizontal area followed by a validation of that area as resistance usually leads to more pronounced downward movements.
TOTALCAP Daily Chart. Source: Trading View
If the ongoing decrease continues, TOTALCAP can reach the closest support area at $1.03 trillion. On the other hand, if the price regains momentum, it could increase to the $1.17 trillion area again.
Bitcoin (BTC) Price Finally Breaks Down
Since March 17, the price of Bitcoin has been following a bearish head and shoulders pattern, which frequently leads to breakdowns.
After consolidating in it for a long period of time, the BTC price finally broke down on May 11. If the decrease has the same length as the pattern (white), the BTC price can fall to $23,200, the 0.5 Fib retracement support level.
BTC/USDT Daily Chart. Source: Trading View
In case the price regains momentum, the pattern’s neckline at $27,500 will be expected to provide resistance.
Pepe (PEPE) Breaks Below Crucial Support
After a massive rally in April & May, the PEPE price finally reached a local top on May 5. It has moved downwards since, reaching a temporary bottom of $0.0000015 on May 8.
The low was very close to the 0.618 Fib retracement support level at $0.0000019. However, the price broke down afterward and reached a low of $0.0000011. So far, it has decreased by 75% since the local high.
PEPE/USDT Four-Hour Chart. Source: Trading View
If the decrease continues, the closest support area will be at $0.0000010. However, if a reversal follows, the 0.618 Fib level at $0.0000019 will now likely provide resistance.
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