Breakout or Fake-Out for the Crypto Market?

The chart below shows the market cap of the whole crypto market. When major market moves happen, I prefer to look at the whole market rather than individual cryptos.

Notice the support at about $420bn that has held twice in the last two months. Notice also the downward trendline heading towards meeting the support some time within the next week.

A fresh break below $420bn could see the market take a major leg downwards. However, in the last day we're seeing a breakout of the current trend, with the market cap a whisker below $600bn.

Is this a true breakout or a fake-out? A true breakout should see volume increase; this doesn't, as yet, appear to be the case. If the market cap retraces back to break that downward trendline, then I'd be concerned. It will probably come back to test it as a fresh support, only then can we call it break or fake.

As always, predictions will always come too late! Read the signals in real-time and back your judgment.

_{chart:coinmarketcap}