This is a 1D (Daily) Chart of TOTAL2, which represents the crypto market cap excluding Bitcoin. Here's the technical analysis based on the chart:
Key Observations:
Market Structure:
CHoCH (Change of Character): Multiple CHoCH signals indicate trend shifts.
BOS (Break of Structure): Bearish BOS confirms lower lows and downward momentum.
Support & Resistance:
Current Market Cap: ~$1.07T
Major Resistance (~1.3T - 1.5T): Marked by red zones indicating supply areas.
Strong Support (~900B - 1T): Blue zone suggests potential demand.
Next Major Support (~720B): If price breaks below the current support, the next major demand zone is around 721B.
Moving Averages:
200 EMA (Blue): Currently above the price, acting as resistance.
Short-term EMAs (Orange/Red): Price is below them, confirming a bearish trend.
RSI (Relative Strength Index):
RSI is below 50, indicating bearish momentum.
No clear bullish divergence yet, meaning further downside is possible.
Potential Scenarios:
Bullish Case:
If price holds above the 1T support zone, a bounce towards 1.2T - 1.3T resistance is possible.
RSI reclaiming 50+ could signal a shift in momentum.
Bearish Case:
If the price breaks below 1T, a drop towards 900B or even 720B could happen.
Market remains bearish unless we see a significant break of structure (BOS) to the upside.
Conclusion:
Market structure is currently bearish.
The 1T support zone is crucial—if it holds, a bounce could occur.
A break below it could lead to a deeper correction towards 900B or lower.
Would you like a trade setup suggestion based on these levels? 🚀
Key Observations:
Market Structure:
CHoCH (Change of Character): Multiple CHoCH signals indicate trend shifts.
BOS (Break of Structure): Bearish BOS confirms lower lows and downward momentum.
Support & Resistance:
Current Market Cap: ~$1.07T
Major Resistance (~1.3T - 1.5T): Marked by red zones indicating supply areas.
Strong Support (~900B - 1T): Blue zone suggests potential demand.
Next Major Support (~720B): If price breaks below the current support, the next major demand zone is around 721B.
Moving Averages:
200 EMA (Blue): Currently above the price, acting as resistance.
Short-term EMAs (Orange/Red): Price is below them, confirming a bearish trend.
RSI (Relative Strength Index):
RSI is below 50, indicating bearish momentum.
No clear bullish divergence yet, meaning further downside is possible.
Potential Scenarios:
Bullish Case:
If price holds above the 1T support zone, a bounce towards 1.2T - 1.3T resistance is possible.
RSI reclaiming 50+ could signal a shift in momentum.
Bearish Case:
If the price breaks below 1T, a drop towards 900B or even 720B could happen.
Market remains bearish unless we see a significant break of structure (BOS) to the upside.
Conclusion:
Market structure is currently bearish.
The 1T support zone is crucial—if it holds, a bounce could occur.
A break below it could lead to a deeper correction towards 900B or lower.
Would you like a trade setup suggestion based on these levels? 🚀
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.
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.