The past couple of years have been a wild swing (literally) for the cryptocurrency market. Topping off at $770 Billion+ to the recent low of $92.5 Billion recorded in December 2018. Since then, the cryptocurrency market has been on the rise as the total crypto market-cap shows us.
The low was set in a S/R liquidity region that sent TOTAL straight to the 135.5B key level. That level was crossed on the 29th of March and retested as support for 3 consecutive days before launching into the second S/R liquidity region [166B-176B]. A few rejections were seen before the top of that region, 176B, was flipped from resistance to support.
Once broken and retested it was able to send us straight through to our third S/R liquidity region. This region is rather large [216B-246B] as it has been a pivotal point for the past two and a half years. The bottom was rejected twice before we were able to reach the top of the range. We have since been bouncing between the two extremities.
A break either way will give us a clear sign as to what’s to come. Taking into account the bullish momentum, it is likely that we break the 246B level which will send us straight towards 290B. Conversely, a break of 216B will send us to the second S/R liquidity region [166B-176B].
N.B: The large wick shown on 23 January 2019 was not on the chart a few days ago and seems to be a glitch from TradingView.