Market Capitalization: Profit-taking prevents march through to $ 387 billion
In the last seven days, the total market capitalization tried several times to overcome the 88 Fibonacci retracement at 354 billion US dollars per day’s closing price, but initially failed because of a breakthrough of this resistance level. A sideways channel between US $ 328 billion and US $ 360 billion is currently developing.
The rise in the market as a whole has been stalling in the last few days. So far, neither Bitcoin (BTC) nor Ethereum (ETH) have managed to break their monthly highs and give the overall market new upward momentum. As long as the price does not fall below the EMA20 (red) at 328 billion US dollars, the chances of a rise to the 2019 high of 387 billion US dollars are good. If the bulls manage to break out of the blue sideways channel and break the 2019 high, the first important price target is 430 billion US dollars. A continuation of the trend in Bitcoin and Altcoins should lead the overall market to the resistance at 463 billion US dollars in the medium term. A sustained bullish rally on the crypto market could push the total market capitalization up to the 161 Fibonacci extension at 560 billion by the end of the year. This scenario would only be negated if it slipped below the support at USD 304 billion.