In this article, we present the crypto market cap chart and prediction by technical analysis, June 2019.
At the closing price of May, the total crypto market cap attained a high of $281.3 Billion and started a descent in the new month.
Come along as we dive into the technical candlestick patterns and chart patterns, driving the price of the cryptocurrency market in general.
Technical Analysis Crypto Market Cap: Monthly Chart
Following an increase in demand for cryptocurrencies in 2017, the total crypto market Cap attained a height of $770.6 Billion in January 01 ’18, followed by a bearish accumulation pattern on February 01 ’18 with resistance at $481.6 Billion.
A recent breakout of double bearish accumulation on May 01 ’19 with support at $103.7 Billion.
Technical Analysis Crypto Market Cap: Weekly Chart
After a 54.4% price decline from a bearish accumulation on October 01 ’18 with resistance at $215.2 Billion, the total crypto market cap entered oversold territory. The general breakout of bearish accumulation across the crypto market on December 17 ’18, took the total market cap out of the oversold area and caused a massive spike on January 21 ’19, and sent the price to a high of $251.9 Billion.
The price quickly returned to the weekly price open, before triggering a bullish accumulation on February 25 ’19 with support set at $117.34 Billion, driving the price up by $128.0%.
On June 03 ’19, the total crypto market capitalization exits the RSI overbought level-70 as well as signaling a bearish Fakey pattern.
Technical Analysis Crypto Market Cap: Daily Chart
Breaking out of a bearish accumulation resistance on April 30 ’19, and signaling a bullish accumulation on May 02 ’19, the total crypto market cap increased by 66.79%, before indicating a regular bearish divergence and dark cloud formation on May 30 ’19.
As the bullish trend progressed, the pair signaled a series of hidden bullish divergence patterns on May 24, June 06, and June 10.
Technical Analysis Crypto Market Cap: H4 Chart
The total crypto market cap confirmed a classic head and shoulder pattern with the head and a right shoulder formed on May 30 ’19 16:00 ($277.55), and June 02 ’19 16:00 ($267.8 Billion). A breakdown of bullish accumulation also confirms the right shoulder, sending the price to the $227.1 Billion support zone where it signaled an opposite breakout of bearish accumulation resistance.
The pair from this point is prepared for a rally to the upside as confirmed by a double bottom pattern on June 10 ’19 04:00.
Technical Analysis Crypto Market Cap: H1 Chart
After entering overbought territory on June 07 ’19 19:00, and attaining a height of $249.2 Billion, the total crypto cap from an intraday point of view signaled a breakdown of bullish accumulation, followed by a hidden bearish divergence in combination with three consecutive bearish accumulation bars on June 09 ’19 11:00.
Major Resistance Levels of (Crypto Market Cap)
233.2, 481.6, 770.6
277.55, 267.8, 249.2
Major Support Levels of (Crypto Market Cap)
117.34, 128, 169.2
164.3, 168.4, 192.9, 226.0
220.8, 239.27, 227.1
Crypto Market Cap Prediction – Conclusion
The total cryptocurrency market capitalization still maintains a stable bullish outlook on the general monthly time frame overview.
However, the exit of overbought on the weekly chart shows a decline in the demand for cryptos and possible retracement of the market capitalization. It also indicates profit-taking activities of buyers, preparing the market for another round of bullish swing.
We still maintain a projected total cryptocurrency market cap level of $400 Billion between the Q2 and Q3 of 2019.
For more Technical Analysis, please read Technical Analysis of Total Crypto Market CAP May 2019, Bitcoin SV Technical Analysis: BSVUSD June 2019 and Ethereum Technical Analysis: Ether Outperforms Against Both USD and BTC.