Just a quick chart. Pretty self-explanatory. I've posted a couple of analyses recently on the total cryptocurrency market cap without Bitcoin. This is if we include Bitcoin in the mix. If we include Bitcoin, the market still looks very healthy. We even have plenty of room for some downside, if Bitcoin decides to correct a bit soon. As you can see below, we're consolidating in what looks like a perfect bull flag after breaking out of the downtrend channel from last year. We could also break down below the flag support, confirming it as a mid-term triple top. This might send us back down towards the 140-150B area to look for support. If that breaks, the long term bullish trend for cryptos will be lost. Wicks below are possible as well, but a sustained break below would indicate a major technical failure, and the next support wouldn't be until our previous low, around 95B.
On the upside, we have a long term ascending channel as well (pink). I think it's possible we see a rise towards the top of this channel, to continue our bullish momentum. This would give us a possible target above 300B (green X and yellow scenario).
This is not financial advice. Just a trend I'm seeing. This is for educational purposes only.
Good luck out there!
-Victor Cobra
On the upside, we have a long term ascending channel as well (pink). I think it's possible we see a rise towards the top of this channel, to continue our bullish momentum. This would give us a possible target above 300B (green X and yellow scenario).
This is not financial advice. Just a trend I'm seeing. This is for educational purposes only.
Good luck out there!
-Victor Cobra
Comment:
Looks like our flag has broken to the upside already! Depending on what happens with Bitfinex, we could get a rejection soon but the market has been moving of its own accord recently. I've noticed some overconfidence in bears as well as greed for lower prices. This sort of disbelief can also just continue to fuel the rise. Additionally, altcoins are still holding USD support well or even moving up slowly. In the bearish scenario, altcoins would be truly annihilated, but until I see more signals, there's no reason for me to believe this will happen yet. If the market is indeed bullish, we should see some alts start to pump on their ratios, particularly if Bitcoin can get above 6K on most exchanges.
Comment:
For some reason that snapshot moved my trendline. This is what it should have looked like:
Comment:
Still headed up towards the top of the channel. Currently near 340B. If that breaks though, we could have an accelerated period of growth for the market, taking us further towards the 700B area.
