TOTAL CRYPTO
Updated
I already created this idea for Total Crypto a long time ago, the bottom still hasn't happened, it is profitable for market makers to extend the path to the bottom, the longer the path takes, the more people will lose money along the way.
Note
Invalidation is on breaking above the resistance area and confirmation as support.Note
I can see on the Total chart that the long trap has already been activated, as a result the uptrend has been broken.
So there was already one rejection from resistance in April and another rejection in July (for the second testing it was necessary to withdraw liquidity from short positions, otherwise there would be no strength to test it again).
In my opinion, there will be a long wave of descent (time capitulation).
Of course it will also move up in the wave, but for me such trading is too difficult, I like to leave it to professional traders and gamblers.
I don't know why many people have been talking about a bull market for a long time when it is obvious at first glance that the previous cycle is not over yet.
Of course, it's possible I'm wrong, but unless the resistance area is cleared, I won't change my mind.
Anyway, I'm not pushing this idea on anyone, make it your own.
Just for fun.
Note
TOTAL 2 chart for altcoins.
If I separate the individual phases of the cycle and compare with the previous cycle, a certain phase is always 2X longer than in the previous cycle.
I see no reason why the final surrender period should be any different.
So it is possible that altcoins will be in a downtrend for the next 300 days or so (until July 2024).
There will also be moves up, but if you are not scalping, you will not sell in the right place anyway, instead you will buy more and open a long position on your favorite altcoin because it is already going up, but you will only provide liquidity for another move down.
Can you stand to watch another 300 days of small upward moves that give you hope for a reversal to the upside and then spill even lower?
Or, after spending so much time on cryptocurrencies, do you break the stick, say it's a scam, and throw it all away?
If your answer to the previous question is yes, then the surrender period has served its purpose.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.