TOTAL CRYPTO-CAP, Retest of the Primary Formation Indicated!

Hello Community,

Welcome to my new analysis of the Total Cryptocurrency Market-Cap and where it is heading in the next time. Important to notice here with the Total Cryptocurrency Market-Cap is that the price action made a sharp dip towards the downside beginning just hours after the FTX collapse has been officially announced as I already pointed out in my recent Bitcoin analysis. To take this into the current context it is necessary to realize that this dip may not happen if the FTX collapse did not happen at this point, therefore this sharp bearish wave can be considered as an unnatural movement nevertheless it has completed a crucial formation and this is the important point in this whole structure. As the Total Cryptocurrency Market-Cap completed this massive head-shoulder-formation this gives the whole movement a bearish edge also from the technical perspective.

Now it is necessary to wage the possibilities and see where the market is likely to move and in this case, the market is now forming this interesting local descending triangle formation which is likely to complete as it is marked in my chart, once this formation has been completed it will be the setup for the market to continue and show up with a volatility relief rally till further levels are being tested. In this case, once the formation has been completed the market is likely to move on into the head and shoulder decisive range as seen in my chart, from there on two directions are possible, firstly the market manages to move into this range with a very strong bullish movement giving the indication for a breakthrough above the resistance and declaring the formation as a fake head shoulder formation and the second direction will be a pullback from the resistance from where on the price action is likely to reach out the final targets of the head shoulder formation, currently, the second scenario has a higher possibility nonetheless this can change when the market shows up with a considerable bullish strength.

In this manner, thank you everybody for watching, Let's move forward together.
"Diligence is the cornerstone of good fortune."

The information provided is only educational and should not be used to take action in the markets.