As we made our way into 2020, bitcoin has seen a good level of gain. However we are not out of the woods. Many traders seem to ignore the most important chart, the Total Cryptocap. This is the chart that is driving the market.
As we can see can see there is a clear rejection here. We cannot yet make it over the resistance of the channel we are currently stuck in. There is just not enough momentum yet unless we can get some volume to push us up over the line with a clear break and retest. We need the bulls here to make a move if we are to get over this one.
If not, we may have minor support here at the 209.171BN line, however this again is minor support.
We will see some more chances to get great prices in the market. Everyone is fixated on the price, when in reality we should all be focusing on the market cap. This is the most important factor to make gains. There is still a chance that we could bounce for another retest off the minor support or the stronger support on the pink line at 198.506BN but failing those support lines we have some more room to the down side.
The area that I am looking to be the hardest support, failing all others is the long term structural support line in the green.
Just remember that as far as the price movements go, the Total chart is what is currently driving the market so the price will follow this chart regardless.
This post was written by BlockAdvisor