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The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) have fallen slightly since reaching their yearly highs. MINA is trading inside a descending wedge pattern.
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TOTALCAP Trades in Channel
TOTALCAP broke out from the $1.15 trillion resistance area on October 23 and has increased sharply since.
The upward movement led to a high of $1.26 trillion the next day.
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Since then, TOTALCAP has traded inside an ascending parallel channel, making several unsuccessful breakout attempts (red icons). Currently, it trades in the lower portion of this channel.
If TOTALCAP breaks out, it can increase by 14% and reach the next resistance at $1.42 trillion. However, if a breakdown from the channel follows, TOTACLAP could drop by 6% to the closest support at $1.15 trillion.
Bitcoin Trades in Symmetrical Triangle
The BTC price has increased rapidly since breaking out from the $31,200 horizontal resistance area on October 24. The breakout led to a new yearly high of $35,280 the same day.
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Since the yearly high, the BTC price has decreased slightly and is trading inside a symmetrical triangle pattern. While the symmetrical triangle is considered a neutral pattern, it can act as a continuation since it transpires after an upward movement.
A successful breakout from the channel can cause a 7% increase to the next resistance at $36,530.
Despite this bullish Bitcoin prediction, a breakdown from the channel will likely cause an 8% drop to the closest support at $31,350.
MINA Falls Inside Bullish Pattern
The MINA price has decreased since reaching its yearly high of $0.96 on October 24. The decrease took the price below the $0.75 horizontal area. The price has traded inside a descending wedge pattern since.
MINA is approaching the end of the pattern, which coincides with the 0.618 Fib retracement support level at $0.59. Since the wedge is considered a bullish pattern, an eventual breakout from it is the most likely future price scenario.
If that happens, MINA can increase by 20% to the next resistance at $0.75.
Despite this bullish outlook, a breakdown from the wedge can cause a 25% drop to $0.47.
For BeInCrypto‘s latest crypto market analysis, click here.