[TOTAL] Cryptocurrency Market Now on Bullish Alert! (It Goes HigWarning, the entire (TOTAL) cryptocurrency market is now on bullish alert.
Recently we shared a chart for the total cryptocurrency market cap. excluding Bitcoin (TOTAL2), mentioning its massive bullishness and a huge increase in trading volume and volume breakout, you can see all the details by clicking on the image below:
The entire cryptocurrency market cap., listed here on Trading View as TOTAL, looks as strong, if not stronger, than the TOTAL2 index.
We have all of our classic bullish signals developing and a very, very bullish chart.
Let's take a quick look into a few of these:
We can see a massively bullish RSI. The RSI hasn't been this high since January 2018, that's 1.5 years ago.
The RSI also hit a low point on December 2018 which hasn't been seen since January 2015. Think about it... That's most likely the lowest we will see in a while. The cryptocurrency market is really bullish right now.
TOTAL has broken above a strong area of resistance marked green on the chart. It took over 3 months to break below this level back in 2018, but only 2 weeks to break above it now in 2019... The bullishness this market is experiencing is massive.
This green zone we can see on the chart can now be used as very strong support and is very likely to hold TOTAL if it starts to retrace, but with Bitcoin super hot and the alts as well, we can look for additional growth.
The MACD entered the bullish zone (above the zero line) recently but is lacking some momentum, it shows plenty of room left available for growth.
Potential scenarios are marked on the chart above.
Conditions for change: Same as with TOTAL2, TOTAL remains bullish for us as long as it is trading above MA200 (black line). A close below EMA10 sends a bearish potential warning, but this index remains bullish as long as it is trading above MA200 and the last low.
We are extremely bullish on the entire cryptocurrency market for late 2019, 2020 and beyond. We believe that we are looking at the bottom for most altcoins and cryptocurrency, and once the bottom is in, the only place left to go is up.
What's your take on what will happen next?
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Thanks a lot for reading.
This is Alan Masters.
Namaste.
