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<a href="https://en.coin-turk.com/warren-buffett-a-value-investors-approach-to-bitcoin/”>BTC price is currently around $37,200 as this article is being prepared, and altcoins have dropped to their support areas. We are used to retracements after resistance tests, and BTC has been forming higher support levels for weeks. Now, staying stable above $36,500 supports the belief that the price can continue towards $40,000.
The End of the Crypto Rally?
Investors accustomed to the surge in altcoins along with the Bitcoin price are excited. The cumulative value of cryptocurrencies has been increasing within a rising parallel channel since November 7. The cumulative value, which reached $1.42 trillion on November 24, faced rejection in the resistance area. TOTALCAP dropped below the middle line of the channel to $1.38 trillion yesterday. If losses continue, the price might test the trend line towards $1.33 trillion.
However, if closings above $1.38 trillion occur, the cumulative value could test $1.47 trillion. Bitcoin, on the other hand, has been above the trend line since November 6 and finally saw a peak of $38,437 on November 24. The RSI indicates a downward trend.
The expectation for BTC is that breaking the triangle in the following chart could extend the rally towards $41,000. However, in the opposite scenario, it could drop below $36,300.
BLUR Coin Review
One of the best-performing altcoins lately has been Blur Coin. Since breaking out from a decreasing resistance trend line on October 18, Blur Coin’s price has risen rapidly. This breakout led to a peak of $0.69 on November 24. Investors noticed the bearish divergence in RSI after the peak and observed the price retreating, unsurprisingly.
If BLUR continues to fall, it could experience a further 20% loss. The nearest support is found at $0.4. What about the opposite scenario? Despite the bearish forecast, a sudden trend reversal could target the $0.8 resistance.
For the second scenario, a significant recovery in the BTC price is necessary. However, the currently weak volumes are diminishing the likelihood of a surprise surge. If the price does not initiate an upward attack at the monthly close, this could lead investors to take profits.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore the risk associated with cryptocurrencies and should conduct their transactions in accordance with their own research.
- Bitcoin shows stability above $36,500.
- Cumulative crypto value faces resistance.
- Blur Coin’s rapid rise meets a setback.
