Why Is the Crypto Market Down Today?

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The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) rallies have stalled. Celestia (TIA) is retracing after a significant rally.

Today in crypto:

The Securities and Exchange Commission (SEC) charged the cryptocurrency exchange Kraken for operating as an unregistered securities exchange. The US Justice Department is seeking more than $4 billion from Binance to settle an ongoing investigation.

Crypto Market Deviates Above Resistance

The TOTALCAP has traded below the $1.40 trillion resistance area since November 9.

During this time, it moved above the area (green circle) on November 15 but quickly fell below it. In turn, this created a deviation above the horizontal resistance area.

Yesterday, TOTALCAP reached the $1.40 area again, validating it as resistance (red icon).

If the downward movement continues, TOTALCAP can fall by another 11% and reach the $1.24 trillion support area.

TOTALCAP Six-Hour Chart. Source: TradingView

Despite this bearish TOTALCAP prediction, a close above the $1.40 trillion resistance area can trigger a 12% increase to the next resistance at $1.55 trillion.

Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

Bitcoin Trades in Corrective Pattern

The BTC price has increased inside an ascending parallel channel since October 23. Such channels often contain corrective movements, meaning that an eventual breakdown from it can be likely.

Currently, BTC trades in the middle of this channel, indicating an undetermined trend.

Read More: 9 Best Crypto Demo Accounts For Trading

If the Bitcoin price breaks down from the channel, it can fall by 8% to the closest support at $34,200.

BTC/USDT Six-Hour Chart. Source: TradingView

On the other hand, a BTC price breakout from the channel can lead to a 7% increase to the next resistance near $40,000.

TIA Retraces After Rally

The TIA price has increased rapidly since November 10. The upward movement has been nearly parabolic, culminating with a high of $7.42 on November 18.

However, the altcoin has fallen since. The decrease preceded a bearish divergence in the six-hour RSI (green line).

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. Such divergences often precede downward movements, as was the case for TIA.

The price is approaching the 0.382 Fib retracement support level at $5.30. If it breaks down, it can fall by another 25% to the closest support at $4.30.

TIA/USDT Six-Hour Chart. Source: TradingView

Despite this bearish TIA price prediction, a strong bounce at the $5.30 area can lead to a 25% increase to the November high of $7.40.

Read More: Top 9 Telegram Channels for Crypto Signals in 2023

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms | November 2023

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The post Why Is the Crypto Market Down Today? appeared first on BeInCrypto.

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