The charts are now changing... This is the total cryptocurrency market capitalization, Bitcoin + Altcoins.
Today, we have the highest volume, bear volume/red, since February 2021.
Yesterday, TOTAL close below EMA10 and EMA21 with EMA50 being tested today.
We have bearish cross on the MACD and the RSI is dropping... The whole cryptocurrency market capitalization is going lower. Not nice.
From 2.072 T to 1.767 T soon. After this level is hit which also coincides with EMA100, we will know what might come next.
Lower or bounce back up?
I like to believe that it will bounce but I don't know... For now, the whole market capitalization is about to drop.
Conditions for change
We would need to see TOTAL move and close above EMA21 in the least for the bulls to be able to consolidate and recuperate, not very likely at this point.
Corrections are part of the market...
In April, we had 9 days of correction. In March, we had 6 days. In May, we have 2 days so far including today... It can go for much longer or it can reverse right away... But the signals are pointing lower...
What's your take?
Leave a comment in the section below.
How long will this market correction last?
For a few days? Multiple weeks? Or months?
Share with us.
Namaste.
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Crypto market cap. going below 2T.
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TARGET HIT!
New chart analysis needed to determine the next target.
Thanks for the amazing support.
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We are almost there... 1-2 weeks max for a bear break.
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🅱️ This is what I see happening with Bitcoin. It will bounce up, but first a drop.
Note: This is just my view of the chart currently and it can always change. Not financial advice. Do your own research.