Bitcoin’s price is approximately $37,200 as this article is being prepared, with altcoins falling to support zones. Bitcoin has been creating rising support levels for weeks, and the stability above $36,500 supports the belief that the price could move towards $40,000.
The total value of cryptocurrencies has been increasing within an ascending parallel channel since November 7. The total value reached $1.42 trillion on November 24 but was rejected at the resistance zone, and TOTALCAP fell below the channel’s median line to $1.38 trillion yesterday. If losses continue, the price could test the $1.33 trillion trend line.
Bitcoin has managed to stay above the trend line since November 6 and finally reached a peak of $38,437 on November 24. However, the RSI is showing a downward trend.
The expectation for Bitcoin is that if the triangle in the graph below is broken, the rally could extend up to $41,000. On the contrary, the price could fall below $36,300.
One of the recently well-performing altcoins, Blur Coin, surged after breaking out of a decreasing resistance trend line on October 18, reaching a peak of $0.69 on November 24. The price of Blur Coin pulled back as expected after the peak.
If BLUR continues to fall, it could experience a loss of up to 20%. The nearest support is at the $0.4 level. However, despite the anticipated decline, a sudden change in trend could target the $0.8 resistance.
