The overall market has recovered noticeably in the past few days, at least rising back above the gray resistance area of $ 170 billion. However, the exponential moving average of the last 20 days (EMA20, red) at $ 184 billion is currently a strong resistance. Market capitalization bounced off this two days in a row. With the continued strength of Bitcoin (BTC), the overall market manages to rise above $ 190 billion, the upside targets are $ 200 billion and $ 224 billion. The EMA200 (blue) and the red downtrend line run in this area.
Price does not jump
As long as the price does not jump above this resistance level at the end of the day, the risks of a new price correction outweigh the risks. The EMA10 (yellow) is currently giving the price a halt, but a break of $ 172 billion would be bearish again and should be accompanied by further levies. It will be important for the coming days that Bitcoin can defend the area around $ 6,000. If this psychologically important brand breaks down again, further levies threaten, which will also have a negative impact on the overall market capitalization. If Bitcoin & Co. fail to stabilize further, a retest of the 2019 low of $ 102 billion threatens. If this brand does not support the share price either, a price decline towards the low of December 15, 2018 at $ 91 billion is expected.