Bitcoin has broken to the upside within the last 48 hours. This paired with the recent 200EMA / 50MA bullish cross could indicate the start of a new bullish uptrend. $11,300 looks to be a strong support zone around POC (Point of Control) that will dictate the sustainability of this new uptrend.
Bitcoin 60 Minute Chart
On the 30 minute chart, we can see the most recent breakout to the upside. This resulted in price levels being propelled above the clear descending channel, as mentioned in a previous analysis.
Over the last 24 hours, we’ve seen a small pennant form followed by yet another break to the upside resulting in the market price hitting $12,000 during yesterday’s trading session, on July 3rd. Despite both compelling breakouts volume remains low and steady, this is a very strong sign that a new uptrend could be on the cards.
Within the last 3 hours, you can clearly see the 200 EMA and 50 MA have crossed over each other in a bullish fashion. This coupled with the most recent breakouts, plus low and steady volume, really begins to paint a very bullish case for Bitcoin over the next few days/ weeks.
Key resistance levels to look out for over the comings weeks are $12,300, $13,800, and $14,500.
Current Volume Clear Surpasses That Of January 2018
The current volume across the total market cap is currently trading well above levels seen during the run-up to $20,000 back in December 2o17 / January 2018. Despite this, the total market cap currently sits around $300B which is less than half the total market cap seen during the aforementioned rally. This leads me to believe it’s only a matter of time until both BTC’s price and the total market cap surpass their ATH’s.
Providing volume does continue to grow at the rate we have seen over the last few months, the total market cap all-time high will likely be surpassed before December of 2019.
It’s looking increasingly likely that we’ll see parabolic growth for the total market cap across cryptocurrency as institutions such as Microsoft, Google, Amazon and major banks begin to explore the possibilities of integrating blockchain solutions into their protocols. Most recently we’ve seen Microsoft add Bitcoin as a payment method in their latest Excel spreadsheet program. Despite concerns and scepticism largely coming from the Crypto community, a big brand such as a Microsoft getting involved in Crypto is a very positive sign of things to come.
Do you think the total market cap will surpass $750B by December 2019? Leave your thoughts in the comments below!
Images courtesy of Tradingview, Shutterstock