Is the FALL in CRYPTO TOTAL MARKET CAP OVER??
A nice trend change today to start off the month.
The news of sending troops to eastern Europe this morning might be seen as the impetus for the sell off.
When the selling starts...you can almost see the bulls running for cover.
Although the fall wasn't near as bad as I thought it may be.
Price broke through the lower red line of the triangle but still remains above the lower red dashed line of the larger upsloping channel.
Loss of this level would suggest revisiting the orange line below which should serve as support.
Price is just shy of the down sloping channel, so plenty of room to move in either direction, although the bias now is down given the lack of bull conviction.
Here are the notes on the chart:
Possible the low is in at the last low to end Wave C Down.
Possible ABC may have just completed for Wave 4 Up.
Wave 5 Dn may have started with fall out of triangle.
Minimal expectations to complete c of 4 Up have been met with
last high at 1.773, .002 above last pivot high.
Still above bottom red dashed up channel line, which could be bullish.
RSI at 34.98, down from 41.98 but still above the RSI MA and steady.
Hitting lower dotted blue channel line is still in play,
now that the ABC to end Wave 4 Up with Wave 5 Down may have started.
Need to see much stronger push up as confirmation the low is in.
The news of sending troops to eastern Europe this morning might be seen as the impetus for the sell off.
When the selling starts...you can almost see the bulls running for cover.
Although the fall wasn't near as bad as I thought it may be.
Price broke through the lower red line of the triangle but still remains above the lower red dashed line of the larger upsloping channel.
Loss of this level would suggest revisiting the orange line below which should serve as support.
Price is just shy of the down sloping channel, so plenty of room to move in either direction, although the bias now is down given the lack of bull conviction.
Here are the notes on the chart:
Possible the low is in at the last low to end Wave C Down.
Possible ABC may have just completed for Wave 4 Up.
Wave 5 Dn may have started with fall out of triangle.
Minimal expectations to complete c of 4 Up have been met with
last high at 1.773, .002 above last pivot high.
Still above bottom red dashed up channel line, which could be bullish.
RSI at 34.98, down from 41.98 but still above the RSI MA and steady.
Hitting lower dotted blue channel line is still in play,
now that the ABC to end Wave 4 Up with Wave 5 Down may have started.
Need to see much stronger push up as confirmation the low is in.
