#TOTAL Updated analysis on Crypto Total Market cap chart #CRYPTO
Just a quick update on the Crypto Total market cap chart:
We are running into the declining 20day moving average (blue line) which has acted as resistance recently. This is also where we find the anchored vwap from the most recent swing high on the 15th June 2021. This is all happening within a declining volume profile in a rising channel formation which both generally paint a bearish picture. Within the medium picture from the highs on the 12th May 2021, we could still potentially see a 3rd wave to the downside. The 2nd wave was preceded by a bearish triangle consolidation pattern which I had pointed to previously. This rising channel could lead to the next leg down (wave 3). The total market cap chart has been trading below both the 200 day moving and exponential moving averages (green lines) for the last two weeks which is not a characteristic of a bull market. We are also stuck under the 50 level on the RSI which is another sign which shows weakness (we will need a break above the 50 RSI level to move back into bullish territory.). Putting this all together leads me to believe that we could very well still be in for another leg lower but we will have to watch closely to see how cryptos behave around these very important levels.
Good luck!
We are running into the declining 20day moving average (blue line) which has acted as resistance recently. This is also where we find the anchored vwap from the most recent swing high on the 15th June 2021. This is all happening within a declining volume profile in a rising channel formation which both generally paint a bearish picture. Within the medium picture from the highs on the 12th May 2021, we could still potentially see a 3rd wave to the downside. The 2nd wave was preceded by a bearish triangle consolidation pattern which I had pointed to previously. This rising channel could lead to the next leg down (wave 3). The total market cap chart has been trading below both the 200 day moving and exponential moving averages (green lines) for the last two weeks which is not a characteristic of a bull market. We are also stuck under the 50 level on the RSI which is another sign which shows weakness (we will need a break above the 50 RSI level to move back into bullish territory.). Putting this all together leads me to believe that we could very well still be in for another leg lower but we will have to watch closely to see how cryptos behave around these very important levels.
Good luck!
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