Total Crypto Market Cap (TOTALCAP) and #bitcoin (BTC) both formed long-term bullish engulfing candlestick patterns. #Conflux (CFX) hit a new all-time high.
In the headlines, former Coinbase CTO Balaji Srinivasan wagered $2 million against social democrat James Medlock on the price of Bitcoin reaching $1 million in 90 days.
TOTALCAP (Crypto Market Cap) Looks For Support
This week, the Crypto Market Cap (TOTALCAP) formed a #Bullish engulfing candlestick, strongly breaking above the $1.04 trillion horizontal region, which is now projected to provide support.
It is worth noting, however, that the price has not risen above it since the August 2022 highs (red line). If it does, it may rise to the next barrier level of $1.30 trillion. The RSI, which has risen above 50, backs this up.
If the trend reverses, the price might fall back to around $1.04 trillion.
Bitcoin (BTC) Retains Ground
Last week, the Bitcoin price formed a bullish engulfing candlestick. This validated the break and retest of a long-term declining resistance line. Also, the RSI rose above 50.
If the Bitcoin price rises, it may reach the next barrier level at $30,500. The RSI movement and the continued breakout support this possibility. If the surge loses steam, #BTC might go back to the $23,000 support level.
Conflux (CFX) Hits A New Year's High
Since the beginning of the year, the CFX price has risen. Following a decline that began on February 21, the price recovered and achieved a new yearly high of $0.488 on March 19.
The daily RSI, on the other hand, has generated strong negative divergence, which could lead to a bearish reversal. If this happens, the CFX price could drop to $0.150.
If the rally continues, the #CFX price might reach the next Fib resistance level around $0.515.
