We can now see on the Total Marketcap's weekly chart we have managed to inch our way above the weekly 20ma's strong support. We need to of course close 2 consecutive weekly candles above this MA in order to confirm we have flipped it from strong resistance to support however and we can see the weekly stoch rsi
is currently overextended and could potentially see a bearish
cross here in the near future. For that reason, I'm not yet sure that the bulls will win the battle between the 200ma support and the 20ma resistance...If we do dip back below the 20ma before closing 2 weekly candles above it, my guess is we will be dropping back down to at the very least retest the weekly 200ma's support and possibly even break through it. I think if this occurs it will probably result in capitulation and even though we ma break under the 200 weekly I think on the weekly chart we will still ultimately find support there with maybe a huge wick to the downside dipping below it as capitulation. From there hopefully we would see a big bounce again provided by the 200 weekly ma that could have enough momentum to finally break us firmly above the 20 ma..and finally be done with the bear market. Of course if we see 2 weekly candle closes above this 20 MA I will instead be confident that probability strongly favors the bottom is already in and we should then see a corresponding significant bullish
surge to go with it that takes us towards the breakout target of the larger falling wedge
. We will likely find out in the next week which way we will be heading.