In my last analysis on the total crypto market cap, I said that 2.4T support is very important and a drop under could mark the beginning of a bear trend. Now we have this break under this confluence support, and it is a clear one... The first target is 1.75T, but in the long run, we can see 1.2T support challenged. My strategy is to sell short liquid coins and go with the flow. At this moment, and is just my opinion, you should not own coins, although some are at very interesting prices.
Cup and Handle pattern on the market cap broke down so it was invalidated. I do believe there may be a savior if we can get a pump from a descending wedge or double bottom. But that may be months away if we start consolidating or go down.
Mihai_Iacob
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@CRYPTOPICKK, thanks for sharing your thoughts
El_Morenito
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The Macd has crossed the 5d timeframe, and even though the RSI is below 30 on the daily timeframe, the MFI is creating a divergence from the RSI showing the whales are buying BTC, attending that its slamming the 200 EMA, we may see a retest soon to the 54k region, that would confirm your theory and mine, which it could be entering a bear season whilst creating a giant H&S. only to retest the 30's region. However on the short term i'm expecting a pullback because of the strong support region.