The Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) created bullish candlesticks, saving a potential breakdown. Conflux (CFX) bounced at an important horizontal support area.
In the news, the CEO of Silicon Valley Bank (SVB) apparently sold a considerable number of shares just before the bank collapsed. U.S. Treasure Secretary Janet Yellen confirmed that SVB will not receive a bailout, put would be helped by the Treasury. And the Federal Reserve closed Signature Bank, citing systemic risk as the main reason.
Crypto Market Cap (TOTALCAP) Creates Long Lower Wick
The Crypto Market Cap (TOTALCAP) created a very long lower wick last week (green icon). The wick was important since it saved an RSI breakdown below 50.
However, the trend cannot be considered bullish yet. The reason for this is the deviation above the $1.04 trillion resistance area (green icon). A close above it would be required for the trend to be bullish.
In that case, the next resistance would be at $1.2 trillion.
On the other hand, if the previous decrease resumes, the closest support area would be at $800 billion.
Bitcoin (BTC) Continues Descent Toward Support
The Bitcoin price movement is very similar to that of TOTALCAP. However, it is even more significant because the price manages to save both an RSI breakdown and a breakdown below the $21,000 support area.
Currently, BTC is trading in a range between $21,000 and $24,500. Whether it breaks out or down will determine the future trend. A breakout would likely lead to an increase toward $28,000 while a breakdown could take the price back to $17,000.
Conflux (CFX) Price Bounces
The CFX price had decreased under a descending resistance line since Feb. 21. The drop led to a low of $0.132 on March 11. However, the price bounced (green icon), validating the $0.147 horizontal area as support.
Afterward, the CFX price broke out from the resistance line. If the increase continues, the closest resistance area would be at $0.24.
On the other hand, if the rally loses momentum, the CFX price could fall to the $0.147 support area again.
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