Cryptocurrency Market Analysis: BTC and BONK Trends

The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) both resumed their downward movement recently. BONK has also fallen after achieving a record high.

TOTALCAP’s Descent After Yearly High The cryptocurrency market cap has been swiftly climbing since October, following an upward trendline and reaching a peak of $1.63 trillion on December 9. However, it experienced a sharp decline afterward, notably accelerating on December 11. Currently, TOTALCAP is trading at its ascending support trend line.

Traders often refer to the RSI as a momentum gauge to assess overbought or oversold conditions. Readings above 50 and a rising trend typically favor bullish momentum, while readings below 50 indicate the opposite.

The recent decline was preceded by a bearish divergence in the daily RSI, typically signaling a reversal. If TOTALCAP breaks below the ascending support trend line, it could potentially drop by another 9% to hit the 0.382 Fib retracement support level at $1.38 trillion. Yet, surpassing the yearly high of $1.63 trillion might signal the correction’s end, possibly pushing it to the next resistance at $1.90 trillion.

Bitcoin’s Deviation Above Resistance Following a similar trend to TOTALCAP, BTC has been climbing with an ascending support trend line since October, hitting a new high of $44,730 on December 8. However, it faced a subsequent decline starting on December 11, preceded by a bearish divergence in the daily RSI.

A crucial development is BTC’s deviation above the 0.5 Fib retracement resistance at $42,450. Whether it reclaims this level or continues downward will determine its trajectory. A breakdown from the support trend line could lead to a 10% decrease to the 0.382 Fib retracement support at $37,200. Conversely, reclaiming $42,450 could drive a 20% increase to the next resistance at $48,800.

BONK’s Fall Post Divergence BONK’s price surged significantly since October, hitting a new all-time high of $0.000015 on December 9, matching the 2.61 external Fib retracement level. Like BTC and TOTALCAP, its decline was preceded by a bearish divergence in the daily RSI.

If the downward trend persists, the price could potentially fall by 50% to revisit the previous all-time high at $0.000005. However, a sudden reversal could prompt a 50% increase, retesting the all-time high level.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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