Bitcoin took out Tuesday’s high today, a likely scenario that I wrote about on March 15th.
As mentioned, long wicks rarely go unfilled with BTC, and Tuesday’s long upper wick on the daily chart was no exception.
Ethereum is also again testing the September 2021 trend line today and the February highs.
So is the crypto pump over?
While nobody knows what will happen, the total crypto market cap (TOTAL) chart says this rally isn’t over just yet.
The TOTAL weekly time frame shows a massive range that’s been playing out since June.
Notice that the top of the weekly range is former range support during the last phase of the 2021 bull market.
Given how relentless the crypto market has been at recent highs, a retest of range resistance at $1.18T seems likely.
However, even TOTAL is still trying to get above the $1.08T to $1.10T resistance area.
But if it can clear that area on the higher time frames, a move to the range highs in the chart above would be another 7.5% of upside.
Such a move could materialize soon, as in this weekend or early next week.
Given Bitcoin’s relative strength of late, that could easily produce another 5-10% of upside for BTC.
And when I compare this with the Bitcoin chart, another 5-10% higher puts BTC at the $28,000 to $29,000 area, also the range lows between early 2021 and mid-2022.
