Next Move For Crypto - Stock Market Influences
Dear people,
It's been a long time since I posted something, but here I am again. Let's get right into it. All markets are looking bearish so let's go over each of them.
Chart 1 (Main Chart) - CRYPTO TOTAL MARKET CAP
As you can see, the total market cap is trading right above a trendline and chances are high that it breaks below it. If this happens, then there could be. a big sell off.
Chart 2 - DOW JONES INDEX
The Dow Jones chart isn't looking that bullish either. It's currently trading in a descending channel and has plenty of more room to go down. The reason why I'm involving the Dow Jones chart is because when the Stock Market takes a huge dump, the crypto market does that too. However, the price can still break to the upside too. No one ever knows. But right now, a short position looks like the best option.
Chart 3 - BITCOIN
This chart doesn't look bullish to you, does it? Bitcoin has the same trendline that the TOTAL MARKET CAP has, but the only difference is that it already broke the trendline. It looks like it already did a retest, but it's good to notice that this all happend pretty close to the trendline, so there could be a "real" retest. Now, it looks like Bitcoin is preparing to go much lower. Prices like to 30K - 29K zone aren't uncommon. So don't be surprised. However, keep in mind, Bitcoin can still break to the upside. No one ever knows. But right now, everything is looking bearish.
It's been a long time since I posted something, but here I am again. Let's get right into it. All markets are looking bearish so let's go over each of them.
Chart 1 (Main Chart) - CRYPTO TOTAL MARKET CAP
As you can see, the total market cap is trading right above a trendline and chances are high that it breaks below it. If this happens, then there could be. a big sell off.
Chart 2 - DOW JONES INDEX
The Dow Jones chart isn't looking that bullish either. It's currently trading in a descending channel and has plenty of more room to go down. The reason why I'm involving the Dow Jones chart is because when the Stock Market takes a huge dump, the crypto market does that too. However, the price can still break to the upside too. No one ever knows. But right now, a short position looks like the best option.
Chart 3 - BITCOIN
This chart doesn't look bullish to you, does it? Bitcoin has the same trendline that the TOTAL MARKET CAP has, but the only difference is that it already broke the trendline. It looks like it already did a retest, but it's good to notice that this all happend pretty close to the trendline, so there could be a "real" retest. Now, it looks like Bitcoin is preparing to go much lower. Prices like to 30K - 29K zone aren't uncommon. So don't be surprised. However, keep in mind, Bitcoin can still break to the upside. No one ever knows. But right now, everything is looking bearish.