Altcoin Total Market Cap BEARISH Analysis
Currently I'm quite bearish on the overall crypto market for the next couple months.
This is a bearish analysis on where the altcoin total market cap could go.
The altcoin market cap was in a Head & Shoulders pattern not too long ago, and we recently broke out of the neckline pushing price to the downside. Price then wicked down to 588B, bounced off that level and closed above the 200 Day Moving Average around 650B.
Price then continued to bounce up to re-test the broken H&S neckline to about 800B, now we're currently rejecting that 800B neckline level.
As you can see in the chart, during its re-test of the broken neckline, price has formed a rising wedge pattern on the Daily timeframe which is a bearish signal. This wedge has already broken but it doesn't seem like there's enough volatility or volume for us to see any major moves to the downside, it may be a slow selloff like we've seen in the 2018 months.
This is a bearish analysis on where the altcoin total market cap could go.
The altcoin market cap was in a Head & Shoulders pattern not too long ago, and we recently broke out of the neckline pushing price to the downside. Price then wicked down to 588B, bounced off that level and closed above the 200 Day Moving Average around 650B.
Price then continued to bounce up to re-test the broken H&S neckline to about 800B, now we're currently rejecting that 800B neckline level.
As you can see in the chart, during its re-test of the broken neckline, price has formed a rising wedge pattern on the Daily timeframe which is a bearish signal. This wedge has already broken but it doesn't seem like there's enough volatility or volume for us to see any major moves to the downside, it may be a slow selloff like we've seen in the 2018 months.
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