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The cryptocurrency market today is dominated by a downward trend, with the overall market value and Bitcoin charts approaching previous breakout levels. The market value has been trading within a rising parallel channel since December 9, 2023. This increase reached its highest level at $1.81 trillion on January 11, 2024.
Cryptocurrency Market Value Analysis
Since then, the market value has continued to decline, and on January 18, TOTALCAP exited the channel and fell below the support area of $1.61 trillion, which is the 0.382 Fibonacci level. On January 23, TOTALCAP fell below the $1.52 trillion support area but later rose and reclaimed the area.
On January 30, TOTALCAP returned to the $1.61 trillion resistance and the channel’s support trend line (red line) but was rejected. If the expected decline on the TOTALCAP side occurs, it could decrease by 14% to the nearest support of $1.40 trillion. Despite this downward TOTALCAP forecast, reclaiming the support trend line could trigger a 12% increase towards the channel’s resistance trend line at $1.80 trillion.
Bitcoin Chart Analysis
The Bitcoin price has been trading within a rising parallel channel since December. However, Bitcoin’s price exited the channel on January 12, 2024, and this move could signal the end of the upward trend. After the channel’s support trend line was rejected on January 16, Bitcoin continued its downward movement. The decline accelerated on January 22, causing a break from the $41,000 horizontal support area.
Bitcoin’s price dropped to $38,505 but later rose, reclaiming the $41,000 horizontal area. Bitcoin is approaching the support trend line at the 0.618 Fib level, intersecting with the $45,000 level. If this level is reclaimed, Bitcoin could reach the channel’s resistance trend line with a 15% increase to the $49,000 level.
BLUR Chart Analysis
The daily time frame technical analysis shows that the BLUR price exited the horizontal resistance area at $0.65 on January 16. However, the price could not sustain its upward movement. Instead, it fell below the area and confirmed it as resistance twice. This development validated the deviation above the resistance area. Additionally, BLUR continues to trade within a rising parallel channel.
In the event of a sell-off, BLUR could fall by 30% to the nearest support at $0.43. Despite this bearish BLUR price prediction, a close above the $0.65 region could lead to a 28% increase towards the next resistance at $0.80.
