Another Short Term Update On Our Total Market Cap
Update:
changed my lines around a bit and through in a schiff pitchfork for reference to levels.
Looks like we are going to be consolidating at this price range for the next ~3 days.
What does this mean for Bitcoin and the ALT coins you may ask?
We most likely will see a rebuild up of Bitcoins markets cap putting its price back up t ~8,800-9,200.
If Bitcoins prices breaks the 9,200 resistance level, we may see more movement up here, followed by a recovery in the market.
Butttt... the market seems to very weak right now with large amount of wash trading going on ("Wash Trading" = Creating fake volume on the market to show strength where there truly is only weakness).
I expect more Dumping from BTC on Monday the 29th, if and when the total market cap doesn't recover to ~245-260 Total market cap.
(Which is highly unlikely, not impossible though)
First target for dump 7,100-7,300 (Reversal at 7,300/ continued dump at 7,100)
Second target 6,300-6,600 (Reversal at 6,600/ continued dump at 6,300)
"Second target may not hit until ~5-7th of October"
ALTs?...
Most likely are going to see a continued dump until Bitcoin holds/ finds a reversal.
(May still bleed in this scenario do to everyone FOMO buying btc).
or find an increase if Bitcoin dumps while simultaneously we see more total capital is hitting the market (Strong sign of a reversal coming in my mind at least).
Minor ALTS under the 400 ranking may find pumps during this process, but those are just high risk gambles in my mind.
(These are the true Shit coins on the market and will most likely die off after a recovery happens).
changed my lines around a bit and through in a schiff pitchfork for reference to levels.
Looks like we are going to be consolidating at this price range for the next ~3 days.
What does this mean for Bitcoin and the ALT coins you may ask?
We most likely will see a rebuild up of Bitcoins markets cap putting its price back up t ~8,800-9,200.
If Bitcoins prices breaks the 9,200 resistance level, we may see more movement up here, followed by a recovery in the market.
Butttt... the market seems to very weak right now with large amount of wash trading going on ("Wash Trading" = Creating fake volume on the market to show strength where there truly is only weakness).
I expect more Dumping from BTC on Monday the 29th, if and when the total market cap doesn't recover to ~245-260 Total market cap.
(Which is highly unlikely, not impossible though)
First target for dump 7,100-7,300 (Reversal at 7,300/ continued dump at 7,100)
Second target 6,300-6,600 (Reversal at 6,600/ continued dump at 6,300)
"Second target may not hit until ~5-7th of October"
ALTs?...
Most likely are going to see a continued dump until Bitcoin holds/ finds a reversal.
(May still bleed in this scenario do to everyone FOMO buying btc).
or find an increase if Bitcoin dumps while simultaneously we see more total capital is hitting the market (Strong sign of a reversal coming in my mind at least).
Minor ALTS under the 400 ranking may find pumps during this process, but those are just high risk gambles in my mind.
(These are the true Shit coins on the market and will most likely die off after a recovery happens).
