The Altcoin Market Cap broke a significant support level two weeks ago and currently finds itself pinned on the 200 Weekly Simple Moving Average . This is the last level of support for the Altcoin Market Cap, if we cannot get a turn around here then tonight at 11pm "Doooom!"

I want to point out something useful for historical reference, and for finding good data to filter your trades though a fundamental lens. We can see the bearish trend very clearly in TOTAL2 here, and if we compare that to Bitcoin's price activity at the time, we were in a ranging (distributive) market structure.

With money flowing OUT of altcoins, and Bitcoin's price stagnating, this proved to be a very bearish sign as it confirmed the distribution of funds. Other "news-driven" events can initiate such movements, "PlusToken", "Tether FUD", "Bakkt", however it was the overall technical analysis of the underlying market dynamics that gave one the proper directional bias, just as a proper application of PTP Methodology gave one the proper trade setup on the daily time frame, to short Bitcoin a week ago.
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Neat short analysis !
+1 Reply
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