Today, we focus on three different charts which are all at critical levels. If we see more action to the upside, it will be very positive for the crypto market.
Bitcoin (BTC) currently finds itself at a very strong resistance area, between the $44,000-$46,000 range. Although there is a massive sell wall to get through, if Bitcoin manages to break above $46,000, it could be a very good sign for the market as a whole.
The total marketcap currently sits at $1.94 trillion, but it also finds itself at the “descending daily resistance trend line” which traces back to 10th November, 2021. A break through this trend line and also through the $2 trillion level will be very bullish for the market, especially for the majority of the altcoins which still need to catch up with Bitcoin’s bullish dominance over the past few weeks.
Turning our attention to the USDT chart, we see that it too currently finds itself on the “daily support trend line” which also stretches all the way back to 10th November 2021. When money flows out of the stablecoins like USDT into the trading market, USDT dominance drops. And if the “daily support trend line” breaks, it will be a very bullish sign for the market that much more money is flowing into the trading market.
With BTC at a crucial resistance level and both total marketcap and USDT charts hovering around support and resistance trend lines dating back to November, make sure you keep an eye on these three charts over the next couple of days. We could see a lot more money flowing into the markets, especially the majority of the altcoins which haven’t moved much over the last three weeks!