Crypto Market Cap - 3 Areas of Interest
Reasons for probable continued retracement:
-bearish engulfing on last week's candle
-similar indecision candle painted on alt coin market's last weekly and
-a very strong reversal candle on TOTAL2's daily a few days ago
-head and shoulders pattern on btc weekly chart,
currently playing out and with lower targets to come
-a need to create new macro swing-lows on a lot of coins
before the next massive upward wave movement
1.717 trillion
-highest buying volume weekly close
-already turned into support on previous weekly candles
1.366 trillion
-confluence as both weekly and monthly previous resistance/support flips
-highest monthly buying volume close
978 billion
-another monthly resistance/support flip
-bottom of broadening wedge
-absolute bottom of around 900 billion should hold
Of these 3 zones, I am currently leaning toward the middle one of 1.366 trillion as the bounce zone
due to its strong confluence on multiple high time-frames.
We will re-evaluate as we get closer to this zone.
Please like and comment if you wish to share your own ideas on this thread
-bearish engulfing on last week's candle
-similar indecision candle painted on alt coin market's last weekly and
-a very strong reversal candle on TOTAL2's daily a few days ago
-head and shoulders pattern on btc weekly chart,
currently playing out and with lower targets to come
-a need to create new macro swing-lows on a lot of coins
before the next massive upward wave movement
1.717 trillion
-highest buying volume weekly close
-already turned into support on previous weekly candles
1.366 trillion
-confluence as both weekly and monthly previous resistance/support flips
-highest monthly buying volume close
978 billion
-another monthly resistance/support flip
-bottom of broadening wedge
-absolute bottom of around 900 billion should hold
Of these 3 zones, I am currently leaning toward the middle one of 1.366 trillion as the bounce zone
due to its strong confluence on multiple high time-frames.
We will re-evaluate as we get closer to this zone.
Please like and comment if you wish to share your own ideas on this thread
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