The Total Crypto Market Cap (TOTALCAP) is trading inside an ascending parallel channel while the Bitcoin (BTC) price has broken down from one. Aptos (APT) has created a bearish pattern.
In the news, Memeland spent 800 Ethereum (ETH) on Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) with rare accessory traits.
The now-bankrupt exchange FTX is threatening to sue politicians and members of congress if they do not return campaign contributions made to them.
And the crypto exchange Huobi said that it will list the FTX Users’ Debt (FUD) token, which contains the FTX debt on behalf of creditors.
Crypto Market TOTALCAP Hovers Just Above Support
The crypto market cap (TOTALCAP) has traded in an ascending parallel channel since Jan. 23. Such channels are considered bearish patterns, meaning that they lead to breakdowns most of the time.
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On Jan. 29, the price was rejected by the channel’s resistance line and fell to its support line. After an upward movement, another rejection followed on Feb. 2 (red icon).
The TOTALCAP once more risks breaking down from the channel. If this occurs, it could lead to a drop to the 0.382 Fib retracement support level at $935 billion. On the other hand, a breakout could take TOTALCAP to the next resistance at $1.14 trillion.
Bitcoin Breaks Down From Channel
The Bitcoin price has traded in an ascending parallel channel since Jan. 23. On Feb. 2, it was rejected by the channel’s resistance line after reaching a high of $24,258. Then, it broke down on Feb. 6.
Due to the breakdown and the possibility of a completed five-wave upward movement, the continuation of the decrease is expected. In this case, the BTC price could fall to $20,930, the 0.382 Fib retracement support level.
On the other hand, reclaiming the channel would invalidate this bearish outlook and suggest that the Bitcoin price can increase to $26,000.
Aptos Falls After Double Top
The APT price has fallen under a descending resistance line since completing a double top pattern (red icons) on Jan. 30. The double top is considered a bearish pattern, meaning that it leads to downward movements most of the time.
APT has nearly reached the 0.382 Fib retracement support level at $13.76. A breakdown from it could cause a fall to the 0.5 Fib retracement support level at $11.72. On the other hand, a bounce could lead to an upward movement toward the resistance line at $16.40.
For BeInCrypto’s latest crypto market analysis, click here.
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