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Crypto Total Market Cap. (Mixed W/ Bulls Favored)

CRYPTOCAP:TOTAL   Crypto Total Market Cap, $ (CALCULATED BY TRADINGVIEW)
The Crypto Total Market Cap chart (TOTAL) looks very similar to Bitcoin ( BTCUSD ), we have some mixed signals but the technicals are in favor of the bulls, let's take a look.

  • Here we have prices for TOTAL above EMA10, which I consider to be a bullish signal.
  • We have the "ascending triangle" pattern, which is also bullish .
  • And both indicators, RSI and MACD , are looking good.

What happens next for TOTAL?

On a bullish breakout, we aim first at EMA300 or 219.807B, followed by the orange line at 262.700B.

EMA10 is now our immediate support.
If this level breaks (prices move and close below it), we can easily see a retrace (red arrow)... But we remain bullish expecting a bounce after the drop if this scenario comes to pass.

What's your take?

Will the crypto market drop before going up?
Share in the comments section below...

Thanks a lot for your continued support.

Namaste.
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Comments

Hey Alan, what's going on with Holo? More downside?
+1 Reply
XE13ST00P XE13ST00P
@XE13ST00P, hot/btc
Reply
Thanks Master
+1 Reply
Good analysis , Thank you
Reply
S&P, Nikkei, and BTC have all been correlated for some time now and we're only in the eye of the storm with this virus. The S&P needs to retest it's bottom and there is to much open expectancy for the halfing this time around. The shake out will continue this month.
Reply
thanks alan
Reply
Hi AM.

As @M4m2m0th mentioned we are following S&P.

We are 'following S&P' only because some market speculators gambling large money on S&P and Crypto. (diversifying for better returns).

BTC and all markets dropped together due to high amount of speculators losing money in all markets/margin calls/liquidations across all markets.

Slight upward move before the big smack down I expect. ABC retracement in play on S&P we are in B at the moment according to my simple TA of this. 1st target for S&P reached and retracing up still. So now aiming for T2 (gap) and hopefully (for all) that we even get back to T3 (but lower likelyhood). Then the turn and downward leg towards C will push hard.

If that happens TOTAL, BTC everything could go down hard...

Beyond C leg not sure if we expect further downward move but then I would be keen to get into longs just before the halving.

I have spoken to many who have pensions in regular markets and said get out at around B leg retracement (not financial advisor just TA) region before it turns once more. They will not and their life savings may be decimated for the next 4/5 years or more.
Reply
It will follow the broader stock market. Plain and simple. Until we are clearly back in bullish territory on the sp500, btc will remain highly volatile and likely test 3K again.
Reply
M4m2m0th M4m2m0th
That includes TOTAL.
Reply
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