The successful retest of the red downward trend line from above confirmed the bullish breakout in the overall market this week. The break in resistance at $ 223 billion this Wednesday, April 29, can add momentum to the overall market. Total market capitalization is currently increasing to $ 231 billion. The daily market is now trading significantly above the EMA10 (yellow), EMA20 (red) and EMA200 (blue).
Overall market: bullish scenario
The bullish breakout is likely to push the overall market towards the bottom of the blue trend channel at $ 237 billion very soon. There is nothing standing in the way of a start of the forecast price target of $ 248 billion (50s Fibonacci retracement). A break in this price level would activate targets on the upside at $ 269 and $ 281 billion.
Overall market: Bearish scenario
A bearish scenario of a renewed price correction below $ 200 billion is now unlikely. Only if the classic financial market should make another significant correction in the coming days will the bullish development on the crypto market possibly have to be reassessed. Should the price fall back below the EMA20 (red) at $ 207 billion, this would be a first warning shot for the bull camp. Only when the horizontal support slips below $ 190 billion are the bears likely to lick blood again and increasingly focus on falling prices.The gray support area at $ 177 billion would be conceivable as the maximum price target on the bottom. Investors who missed the bullish breakout above the $ 200 billion mark should try retaking this key brand into long-term procyclical positions in Bitcoin and Co.