A Twitter scam of new proportions hits and starts with crypto-influencers and business before propagating to the most influential people on the planet. In the meantime, some Altcoins see a massive pump such as ALGO as it got listed on Coinbase.
Market Sentiment & Volume
For several weeks, nothing interesting has happened on the sentiment chart which only shows stagnation as you can see below. The latter is due to the fact that nothing has been happening with the market, especially large caps.
This of course is caused by the severe volume downtrend which has started showing signs of stagnation. Calm before the storm?
Market Indices
Total Market Cap
Per the chart, the long awaited breakout of the 12-months long descending channel has come. While the volume is still low, if price remains outside of this channel as it picks back up, we believe it is likely that a significant rise may occur.
Altcoins Market Cap
The case for Altcoins is different as these are now at resistance. While it is highly possible for them to follow along the Total Market Cap, we cannot make that assumption before it actually takes place.
Bitcoin
Bitcoin is currently stuck between a rock and a hard place. From one side there is the psychological and strong $10,000 level holding as resistance but from the other lies a slightly less significant support. This indecisiveness is to be expected in such a low-volume environment, but as with all other things it will come to an end.
Ether
Similar to the Altcoins Market Cap (of which ETH makes up a large proportion), it is in a descending channel and at resistance. However, it seems to also be in a bullish flag which may propel its price towards $280, given that volume picks up. A breakout of the latter would also represent a clear breakout from the channel.
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