Alt Coin Market Cap Analysis - Is the Sky Really Falling?
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Kidding.. So here we have Total 2: the coin market cap sans BTC . Today we saw the alt coin market largely move back to square one, after what seemed like a tasty recovery, I mean I nearly sold the wife for OMG that one time! nearly... Some things stayed relatively put, while anything related to DeFi got pretty much completely decimated.
Unless it was already decimated like ZRX, in which case it could really be seen as more of the same.
The tells us an interesting story.
First we see a consolidation pattern, similar to what we're seeing over on the BTCUSD chart, which looked to be rather from it's higher lows, which we're seeing here. We also see in both instances we're pretty much in the very tip of the triangle here.
We're also bouncing right off our EMA 100 white line, a strong reversal sign historically. If we can move back up to the faded yellow EMA 50 line than we're in full on bull mode.
MACD has a small bear cross going on and is in not the best territory but also not the worst ever by any means.
Stoch is relaying a strong position overall but bad current trend with a total downturn.
Volume Osc. is intriguing, we see a massive decline, followed by a swift spike the last few days and a decline on the big sell today. This feels to me.
Aside from the , I find it troubling the way the stocks reacted to the stimulus news today. Of course this was also the catalyst for the declines we saw in crypto as the markets seem coupled currently.
It points to confirming the fact that there's a whole lot of wishful thinking right now keeping things upright. This stimulus news could very well lead to further declines in the stocks if this wishful sentiment is truly as strong as it seems.
It worries me more that this could be a political move ultimately, which would be akin to holding the market hostage.
In times like this, I say a prayer to the Immortal Finney and the Unknowable Nakamoto, that the troubles of the contemporary financial market will spurn the great decoupling.
But trying to time that, well, I think it would be less akin to catching a knife as catching a guillotine. With your teeth. Blindfolded.
You'll get rekt, is what I'm saying.
“What happens to the hole when the cheese is gone?” – Bertolt Brecht
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