The total crypto market cap rose by $7 billion in the last five days and now stands at $1,168 billion. Still below the monthly high of $1,200 billion registered few days ago.
Today is the end of month, so all eyes are on monthly candle close and all the implications it might bring given the fact the Q1 of 2023 will be ended as well. The biggest cryptocurrency is set to close above the 21-period EMA on the 1-month chart but near the May-July, 2021 lows, which might be interpreted as a resistance zone. Still, it is in a steady uptrend and a price correction that might result in a higher low might be healthy for the long-term price development.
Below is the 1M chart.
Looking it from a weekly chart perspective, BTC is attempting a break into the next major resistance in the $30,000-$32,000 area. It is trading stable above all closest weekly highs and out of the former range marked by the $24,300 high. The biggest cryptocurrency is moving in a good pace towards the next major zones of interest on the chart.
Below is the 1W chart
Switching lower, to the daily timeframe, bitcoin is still showing signs of bearish divergence between the price action and the Relative Strength Index (RSI) which usually signals a change in direction of trading, but in general this indicator is used on higher timeframes. What is clear, however, is the formed range in the $28,300 – $27,000 area, which is now dictating the overall market movement.
1D chart below
When it comes to ETH, the coin is currently trading above the nearest monthly and weekly horizontal resistances. The $1,930 mark remains the closest major obstacle in sight. A series of higher highs above the 21-period EMA are signs of a healthy uptrend.
1W chart below
On the lower, 1-day chart, ether is still caught in the the tight range between $1,700 and $1,815 with the later being the current low time frame resistance point. Just like in the case of bitcoin, however, there is a bearish divergence with the RSI indicator noticeable on the chart.
A break to the upside will see the coin rally up to $1,940 while a pullback might result in re-visiting the range low.
1D chart below