Hello friends, today you can review the technical analysis idea on a 1W linear scale chart for the Total Crypto Market Cap.
The chart is self-explanatory. The total crypto market cap failed the Ascending Channel support re-test and has been falling. If it does not get back into the channel, it has the potential to fall down significantly. RSI is in a descending wedge pattern so there may be a chance of upside, however economics and traditional markets do not look strong so this may be a short lived upside. Lastly, this is a weekly chart, so please have patience.
Included in the chart: Trend line, Ascending Channel, Support and Resistance Lines, Descending Wedge Pattern, RSI.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Good educational predictions when it happens . But its not about the channel.
MillionaireEconomics
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@Intersteckler, thanks. Please provide your insight on what it is then since you mentioned it is not about the channel?
Scharstellar
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@CRYPTOPICKK, Its all about Market, news, regulations, institutions, whales, etc. your analysis helps to track and predict the market. Thanks for ur analysis.
MillionaireEconomics
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@Intersteckler, I agree with your point of view. I look at the macro at all times as well but when charting I am trying to review where something is headed based on technicals. Thank you once again!
HedwinFx
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so based on this analysis, you are waiting for a heavy bearish market in the weeks ahead, right?
@hedayatfx, I am just charting what I see. I don't make market calls or expect anything to follow my exact chart design. The immediate future looks bearish from my opinion however one major investor could come in and rally the entire market. Lastly, I try to avoid the "hopes and dreams" approach and focus on technicals and S/R lines. That has helped me significantly with risk management.
But its not about the channel.