TOTAL MARKET CAP (Y20.P4.E1).Correction still playing outHi All,
I thought I have a look at the total crypto market cap and see what's going on.
Here are my thoughts:
OBSERVATION:
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> WEEKLY chart: price action has so far found support and holding which has confluence with the weekly 21 EMA;
A retest of the support line? The Phoeix has downward pressure however a deep pullback is not expected based on the green and red RSI positions;
> Daily chart: support found on the daily 100 EMA as well as the 0.5 fib retracement although 0.618\0.382 fib looks more likely to be the area of most demand = 290 Billion
The MACD has a bearish tone as well with the downward projection. Watching this space of the MACD and Signal merging will give us a clue if there is a bounce coming for the total market cap or a rejection.
> 4 HRLY chart: indicators show downward pressure and the formation looks like a bear flag;
THOUGHTS:
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The correction pullback is to continue with downward pressure however not deep and hence the likelyhood of the macro uptrend is intact.
The daily MACD is likely to not cross over based on the formation of the price.
Looking at the ALTs, it seems many have downward pressure and looking like a bottom reversal formation is taking place, some having more to drop, others staying at their 0.618 level.
It means we are likely to be here for a while and able to buy back crypto at a cheaper rate.
If you review my SP500 post, this also translates with BTC. Hence my opinion of BTC going to the low 9K's is still valid.
Also BTC dominance chart can support this thesis as well.
The SP500 and Gold charts do as well.
Please give me a tick or like for this post.
Regards,
S.SAri.
WEEKLY Chart:
DAILY Chart:
4 HRLY Chart:
