CRYPTO TOTAL MARKET CAP (Y20.P5.E1).Confluences
Hi All,
I thought I take a look at the bigger picture on Crypto which is the total market cap, potential stock markets and gold.
Here I stopped at just the total market cap and it seems that we are having a pullback and looking back to historical data, and the indicators, we are still bullish at the Macro level.
Points to take away:
> Weekly 10/21 EMA (cream ribbon) acting as support as a few points in the trend. Similar to BTC price action
> Fib level 0.236 seems to be the resistance point we have hit.
If the pullback is to happen, I have the next fib level which has confluence with the weekly EMA and a bounce with a potential continuation of the trend.
> Weekly indicators seem to indicate, that a drop is imminent and the weekly candle stick seems to suggest it as well.
> Note the 2 wicks on the weekly candle sticks for this level followed by the red candle.
> The MACD still bullish uptrend as well as the WT indicator.
However the Phoeix indicator has the RSI crossed over so more downwards pressure as the gray energy drops below 50%.
So a correction is taking place as its hit a major fib resistance level.
The question is how much back, I say the next fib level down.
Please give me a tick or like for this post
Regards,
S.SAri.
PS. I'm starting to be bearish and I think this chart helps suggest this. I will take a short if this level is broken.
I thought I take a look at the bigger picture on Crypto which is the total market cap, potential stock markets and gold.
Here I stopped at just the total market cap and it seems that we are having a pullback and looking back to historical data, and the indicators, we are still bullish at the Macro level.
Points to take away:
> Weekly 10/21 EMA (cream ribbon) acting as support as a few points in the trend. Similar to BTC price action
> Fib level 0.236 seems to be the resistance point we have hit.
If the pullback is to happen, I have the next fib level which has confluence with the weekly EMA and a bounce with a potential continuation of the trend.
> Weekly indicators seem to indicate, that a drop is imminent and the weekly candle stick seems to suggest it as well.
> Note the 2 wicks on the weekly candle sticks for this level followed by the red candle.
> The MACD still bullish uptrend as well as the WT indicator.
However the Phoeix indicator has the RSI crossed over so more downwards pressure as the gray energy drops below 50%.
So a correction is taking place as its hit a major fib resistance level.
The question is how much back, I say the next fib level down.
Please give me a tick or like for this post
Regards,
S.SAri.
PS. I'm starting to be bearish and I think this chart helps suggest this. I will take a short if this level is broken.
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This community has signals now but with no risk management comms.
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