Crypto Market Signals Potential Reversal Trend

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Mark Dukas Charlotte

Mark Dukas is a full-time analyst at Bitcoin.Live and runs BitcoinSmartMoney.com a crypto consulting company. Today he shares his view of Bitcoin, Cardano and the overall crypto market.

 

Looking at the zoomed-out view in the crypto markets it looks poised to break $300 billion in total market cap. Just the day before total market cap broke above a resistance trendline that had been in place since the all-time highs which took place in January of this year.

Looking at the image for total market cap you can see a break of the triangle apex. This could be the turn could be around for a bullish trend going into the August 10th SEC ETF decision. Bitcoin had experienced major resistance in previous weeks at $6,800 and on July 17th took this out with some serious buying action. I see many differences between the April bitcoin rally and yesterday’s move. The biggest area I take notice to the volume. Over the past 24 hours total trading hit $20+ billion. Many were seeking $3,000 as a bottom but the key support was the $5,777 which was never breached.

Over the short-term, I see $7,800 as the next road block for bitcoin. If we fail hard at this price point I expect $5,000’s to be tested. If $7,800 can get a break through, then we can start looking at $10,000 plus bitcoin prices again.

One altcoin swing trade I am making includes Cardano (ADABTC). It had huge volume spikes over the past few days and has taken out major resistance at 2400-2500 SATS. Buying this anywhere around the 2400 SAT range for a swing trade with a stop loss at 2190 SATS can provide a great risk to reward trade during the next few days and weeks. If 2577 SATS is taken out look out above.