Let's take a look at the TOTAL (Crypto Total Market Cap.) chart, which measures the total cryptocurrency market capitalization (Bitcoin + Altcoins).
Today I want to keep it simple, knowing that simple is best.
We are going to direct our attention to the major support and resistance this index is facing... Let's get started:
1) We have the Major trendline working as resistance (brown). If TOTAL moves above this line, it can easily go higher. The main resistance levels after the trendline are marked with a magenta line.
2) We have the Major support marked with a blue dotted line. This line has been holding TOTAL for the past few months. Breaking below would send the price lower... The dashed blue lines are the main support after.
Finally, we have the flue triangle which is the consolidation space. Within this triangle, the price can move up and down until it reaches the apex and a breakout happens.
Feeling the market We believe TOTAL can move a bit lower while Bitcoin retraces and altcoins grow to finally grow big when the alts and Bitcoin both move up.
I am expecting to see massive marketwide bullish action in late September or after the 15-18 Sept. 2019.
Where do you think the altcoins market is headed? Share your charts and thoughts on the comments section below.
This is Alan Masters. Thanks a lot for your continued support.