BeInCrypto - The Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) are showing bearish signs, which could lead to a continuing decrease. WOO Network (WOO) bounced at an important support level.
In the news, Coinbase (NASDAQ:COIN) ceased its loan program called Coinbase Borrow because of increasing regulatory pressure.
Crypto Market Cap (TOTALCAP) Is Inside Resistance
The TOTALCAP has experienced a decline since April 14th. It dropped beneath the $1.16 trillion level on April 20th. Despite an unsuccessful rebound, the TOTALCAP acknowledged this level as resistance four days later (indicated in red).
When an area is broken and then validated as resistance, this is typically viewed as a negative signal, indicating that further declines may be forthcoming.
TOTALCAP Daily Chart. Source: Trading View
In this scenario, the TOTALCAP may fall to the $980 billion support level. However, if it is able to regain the $1.16 trillion level, it could potentially move up to $1.30 trillion.
Bitcoin (BTC) Price Trades in Bearish Pattern
Starting from March 17th, Bitcoin’s price has been trading in a head and shoulders pattern. This is generally viewed as a negative sign because it typically precedes a decline in prices.
At present, the neckline of this pattern is positioned at $27,500. Should the value of BTC fall below this threshold, a fall to $23,200 may transpire. This is the 0.5 Fib retracement support level.
BTC/USDT Daily Chart. Source: Trading View
Nonetheless, if the price of Bitcoin surges above the right shoulder of the pattern, it will go against the bearish trend and potentially rise to $42,000.
WOO Network (WOO) Price Bounces at Support
The WOO price has increased inside a long-term ascending parallel channel since the beginning of the year. On April 15, the price fell after it was rejected by the channel’s resistance line.
Despite the drop, WOO bounced at the $0.26 horizontal support area and is now trading in the upper portion of the channel.
WOO/USDT Daily Chart. Source: Trading View
If the increase continues, the next resistance is at the channel’s resistance line of $0.36. On the other hand, if a drop follows, WOO could retest the $0.26 area once more.
For BeInCrypto’s latest crypto market analysis, click here.
For BeInCrypto’s latest crypto market analysis, click here
