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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.

TOTALCAP Two-Hour Chart. Source: TradingView

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.

BTC/USDT Two-Hour Chart. Source: TradingView

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.

MINA/USDT Two-Hour Chart. Source: TradingView

Despite this bullish outlook, a breakdown from the wedge can cause a 25% drop to $0.47.

For BeInCryptos latest crypto market analysis, click here.


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