DrDovetail

Full look at current bullish/bearish patterns/trendlines in play

CRYPTOCAP:TOTAL   Crypto Total Market Cap, $
On the weekly total crypto marketcap chart we are currently either still in a symmetrical triangle that could also be a bear pennant, or currently up out of both a daily falling wedge (in yellow), as well as the much bigger weekly falling wedge (in green). Bullish and bearish price target projections are posted accordingly and are color coordinated with their corresponding patterns. We also have 2 huge horizontal trendlines: a strong one that's currently resistance that if we can close a weekly candle or 2 above and flip to solid support would make me much more confident that we are going to ht the green bullish falling wedges price target. we also have another lower strong horizontal trendline that lines up well with the bearish price projection bearflag breakdown target. If we were to heavily capitulate thats where I believe support would eventually hold and bounce back up from. we also have the weekly 20ma(in orange) which at least temporarily is suddenly support although we have yet to solidify that support and then we have the weekly 200ma which has been solidified a long time ago as solidified support and continues to maintain that support for now. It is still a battle between those two. Finally we can see below on the weekly stoch rsi it is threatening to complete a bearish cross but it may also bounce upward off the orange line. If not we have a diagonal trendline on the stochrsi that may also act as support enough to reverse any bearish cross that may occur. If capitulation were to occur however we would see it break below that stochrsi trendline as well as priceaction most likely the strong currently solidified support of the weekly 200ma. For Now this is the chessboard. with the weekly 20ma acting as the bears' king, and the weekly 200ma acting as the bulls' king. I have a feeling we will know which side will be declaring check mate by the end of the week.
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