CRYPTOCAP:TOTAL2   Crypto Total Market Cap Excluding BTC, $
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I want to point out something useful for historical reference, and for finding good data to filter your trades though a fundamental lens.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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