Why Is the Crypto Market Up Today?

The Bitcoin (BTC) price is approaching its yearly high while the Crypto Market Cap (TOTALCAP) and Oasis Network (ROSE) already reached one.

In the news today:

TOTALCAP Reaches New Yearly High

The cryptocurrency market cap has increased alongside an ascending support trend line since October. The upward movement led to a yearly high of $1.63 trillion on December 9.

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset. Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.

The decrease was preceded by a bearish divergence (green) in the daily RSI. A bearish divergence occurs when a momentum decrease accompanies an increase in value. It often leads to bearish reversals, as was the case with TOTALCAP.

However, TOTALCAP regained its footing with a strong bounce on December 18 (green icon). The ensuing increase led to a new yearly high of $1.65 trillion today.

If the upward movement continues, TOTALCAP can increase by another 18% and reach the next resistance at $1.90 trillion.

TOTALCAP Daily Chart, Source: TradingView

Despite this bullish TOTALCAP prediction, a breakdown from the ascending support trend line will likely lead to a fall of 15% to the 0.382 Fib retracement support level at $1.38 trillion.

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Bitcoin Trades in Channel

Like TOTALCAP, the BTC price has increased alongside an ascending support trend line since October. The upward movement culminated with a new yearly high of $44,729 on December 8.

After an initial decrease, the BTC price bounced at the support trend line on December 11. Since then, it has increased inside an ascending parallel channel, considered a corrective pattern.

Currently, BTC trades at this channel’s resistance trend line. Whether it breaks out or gets rejected will likely determine the future trend.

Bitcoin (BTC) Price Movement
BTC/USD Six-Hour Chart. Source: TradingView

A BTC breakout can lead to a 12% increase to the next resistance at $48,800. On the other hand, a breakdown can cause a 14% drop to the 0.382 Fib retracement support level at $37,800.

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ROSE Clears Long-Term Resistance

The ROSE price has increased swiftly since the middle of October (green icon). It has created eight bullish weekly candlesticks in ten weeks.

ROSE cleared the $0.08 and $0.11 horizontal resistance areas during the upward movement, leading to a new yearly high of $0.12 today.

If ROSE closes above the $0.11 area, it can increase by 90% to the next resistance at $0.22. The weekly RSI supports this possibility since the indicator is increasing and is above 70.

Oasis Network (ROSE) Price Increase
ROSE/USDT Weekly Chart. Source: TradingView

Despite this bullish ROSE price prediction, a close below $0.11 could trigger a potential 35% drop to the closest support at $0.08.

For BeInCryptos latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.