Total Cryptocurrency Market Cap (TOTALCAP) succeeded in validating an important horizontal level as support. Bitcoin (BTC) price has broken out a parallel ascending channel. WOO Network (WOO) price broke the descending resistance lines.
The news of the cryptocurrency market on January 10 was negative. Cryptocurrency exchange Crypto.com has announced that it will remove Tether for Canadians as of January 31st. This is to meet Canadian encryption regulations.
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The World Bank cut its forecast for global GDP by 1.2%, claiming that a global recession is very likely in 2023. One possible reason for this was a 1% hike in interest rates, which could lead to lower growth in GDP in advanced economies.
Finally, Nepal has strengthened its anti-crypto stance by blocking access to cryptocurrency websites.
TOTALCAP restores critical resistance
The total market cap of the cryptocurrency market created a double bottom pattern within the $752 billion support area between December 18-30. The double bottom is a bullish pattern, which means that it makes upward movements most of the time.
The cryptocurrency market capitalization started an upward movement shortly after and broke out of the $770 billion resistance area on January 3rd. On January 6, the cryptocurrency market capitalization rebounded at the confluence of the $770 billion area and the ascending support line (green symbol). This has accelerated the upward movement towards the next resistance at $807B, which is the 0.618 Fibonacci retracement level and horizontal resistance area.
After breaking out of the area, the cryptocurrency market cap validated the support on January 9 (green symbol) and bounced back. Now, the $807 area is expected to act as support.
If the upward movement continues, the next resistance is at $844B. On the other hand, a break below the ascending support line means that the trend is down.
Bitcoin is breaking the resistance
Bitcoin has been rising within a parallel ascending channel since December 30. The price broke through the channel on January 8th and validated it as support the next day (green icon).
BTC price is now nearing a crucial resistance at $17,575 that was created by the 0.618 Fibonacci retracement resistance level. If it succeeds in moving above it, the next resistance will be at $18,000.
On the other hand, rejection from this level could lead to a retest of the channel at $17,300.
WOO breaks long-term resistance
WOO Network has been going live since November 22nd. On the 10th of January, the price breached a descending resistance line that has been in place since August 2022. A breakout of these long-term structures usually results in significant upward moves.
If the WOO impulse continues, the next resistance will be the $0.21 and $0.618 Fibonacci retracement resistance levels. A break above the level indicates that new highs are expected.
On the other hand, rejection may lead to a retest of the descending resistance line.
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