CRYPTOCAP - Time for a correction
Updated
Hello everyone,
Crypto markets have recovered large portions of losses made since early Nov. BTC is trading above the 200D SMA, along with the crypto market cap, indicating a bullish sentiment. I don't think it's time to FOMO yet though. Despite BTC making somewhat of a higher high on longer TF, the total crypto market has yet to follow, indicating weakness.
A view from a lower time frame, the total crypto market cap has rejected 950B resistance zone. Current formation seems to be a descending triangle, indicating the build up of short interest at this key zone. The local support zone is 920, 200 D SMA (900), and 100 D SMA (835).
Let me know what you think.
Crypto markets have recovered large portions of losses made since early Nov. BTC is trading above the 200D SMA, along with the crypto market cap, indicating a bullish sentiment. I don't think it's time to FOMO yet though. Despite BTC making somewhat of a higher high on longer TF, the total crypto market has yet to follow, indicating weakness.
A view from a lower time frame, the total crypto market cap has rejected 950B resistance zone. Current formation seems to be a descending triangle, indicating the build up of short interest at this key zone. The local support zone is 920, 200 D SMA (900), and 100 D SMA (835).
Let me know what you think.
Note
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LQ support was tested, looks like it bounced (624)Note
Doesn't look finished yet, price rejected resistance level UT.Note
And, it hit. Note
So far so good, but if range becomes support, we may consolidate here and invalidate this theory.Note
Support broke, correction inbound.Note
Like clockwork (IDK why tradingview decided to delete my price path schematic but oh well)Note
Looks like were almost ready to break 200 D MA (905), and test the longer term trendline support.Note
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