TOTAL -- red strong short arrowstrong short showing over the top of the week view of total crypto similar to Cryptex finance's TCAP. This is a new week and brand new candle signal.
TOTAL trade ideas
Total , ready to go through all time high? It's my opinion on TOTAl on high timeframe , price shows willing to go higher due to forme FVG on 4H.
Total Massive Pump or Massive Dump ? 🤔Hello Guys ❤️
Hope all of you are good.
As u see on my chart , Total is inside this stubborn channel for a long time , failed to break it out about 4 times in the last year.
Also we informed a pattern called Double top till now.
***Breaking out of this channel will be good for the market and we won't stop before achieving the target 1.60T but first we need to break the upper nick line at 1.26T
****if the double top pattern was correct and worked this will be very bad for BTC & the whole market and it will down at least to the lower nick line at 974B (The middle of the channel also) and if we broke it down will down to 690B or anywhere in the bottom of the channel.
Only take care and watch out this chart to know what will happen.
Next days will be very interesting to the market.
I hope for all of you big profits and happy life.
I am just sharing my thoughts with u.
It is not a financial idea and plz DYOR.
TOTAL - What next ?Excited to buy and HODL again
Analysis of TOTAL. (Left 4H, Right 1D)
We can see price oscillating between
2.2 - 2.6T in a channel, hinting at a possible bullish BOS on Daily TF.
Daily Fib lvls, showcasing bullish activity at 0.382 creating a daily Demand Area.
on 4H, price made LHs and HLs creating a bullish Pennant Structure that has been broken out of.
Our RSI on the left indicates a strong trend and the market is currently overbought at 92, hinting at recent in flow of cash, to strengthen the bullish Trend which was turning bearish.
On Wed, 10/04 I anticipate major market moves after News and inflation rates. Higher rates might be a good thing for crypto projects that actually contribute to the community.
So I'm long on certain projects with intention of HODL.
Leave your thoughts in the comment section, thanks.
MARKETS week ahead: April 8 – 13Last week in the news
Much higher than expected Non-farm Payrolls in March in the US was a major event for the week on financial markets. Equity markets were still holding strong, despite the first major drop since the beginning of this year, while US Treasures reacted with higher yields. Gold reacted to new geopolitical tensions, which pushed the price of oil to higher grounds. The USD had increased volatility, but still managed to hold around 1.08 to euro, while the crypto market continued with higher price fluctuations. Bitcoin shortly tested $ 65K during the week, however, ending it above $68K.
The major event for markets during the previous week was a release of the US jobs data. The number of 303K new jobs in March was far above the expected 200K. The unemployment rate was standing at 3.8% in March, which was in line with market expectation. The market reacted strongly to the jobs data. Although this is positive for the US economy, showing its resilience to monetary measures, it still represents a fear that the Fed might hold interest rates at current levels for a longer period of time than previously expected. Namely, the market perceives that the stronger economy might drive inflation to higher grounds, in which sense, the reaction of the Fed might be to hold interest rates at current levels for a longer period of time, putting in question potential rate cuts during the course of this year. Aside from it, the Federal Reserve Governor Michelle Bowman noted on Friday the possibility for rates to be lifted to the higher grounds, in case that inflation remains persistent. The 10Y US Treasury benchmark reacted by ending the week at the level of 4,4% from 4.2% where they were previously traded.
Aside from potential negative impact on inflation from the heated jobs market, aspects of oil prices are also considered by markets. New geopolitical tensions between Israel and Iran, put pressures on oil futures and the price of oil on the market. Brent crude reached the highest weekly price of $90,65 per barrel. The US Brent crude was up by 18% during the course of this year, while the US crude added around 21%.
The US Treasury Secretary Janet Yellen is traveling to China in order to strengthen the relationships with this country which will be beneficial for both countries, as per her notes. She also noted that the main target of her visit is to discuss issues of “overcapacity and national security-related economic actions”.
The issuer of XRP token, a blockchain company Ripple announced that it will launch a US dollar stablecoin. Current estimate of the US stablecoin market is $150 billion. The company noted that the coin will be 100% backed by the US dollar, through cash, USD deposits and US government bonds, which the company will hold as a reserve for the back of their stablecoin. It is also noted that information on their reserves will be publicly available on a monthly basis. The market of the US stablecoin is currently split between USDT, whose issuer is Tether, and USDC issued by Circle. PayPal also launched its own stable coins, the PayPal USD, which is issued by Paxos.
Crypto market cap
Quite a volatile week is behind the crypto market. Since the middle of the week, Bitcoin has been driven to the downside, where the coin reached $65K. The market had a general reaction to the news that the US jobs market might be a game-changer when it comes to expected Fed rate cuts during the course of this year. Namely, at the latest FOMC meeting, Fed Chair Powell spoke about potential three rate cuts till the end of this year. However, as released data are showing that the jobs market is heating up, this might bring a surge on the demand side and as a consequence, increased inflation. Following the theory of market efficiency, markets had to make an adjustment to their forecast with expectations that the interest rates might stay higher for a much longer period of time. The reaction was visible on equity, US Treasury markets, as well as the crypto market. During the previous week total crypto market capitalization lost $97B in value, which was a drop of 4% on a weekly basis. Daily trading volumes remained elevated, moving around $131B on a daily basis, same as the week before. Total crypto market capitalization increase from the end of the previous year, currently stands at $ 826B, which represents a 50% surge from the beginning of this year.
Bitcoin and Ether were leading the market drop, however, the majority of other coins gave their contribution. On a weekly level, BTC lost around $ 40B in value, decreasing it by 2.9%. Ether followed general market sentiment, with a drop in value of more than $23B or 5.5%.
Another coin with significant drop in value was Solana, who lost almost $8.5B, which represents a decrease of almost 10% within a single week. Binance Coin decreased its market cap by $3.2B or 3.5%, while DOGE was down by $2.3B or almost 8% on a weekly basis. XRP should also be mentioned, as it followed the negative market reaction with a drop in value of $ 2B or almost 6%. Some of coins which lost significantly in relative terms were Miota and OMG Network, who both lost more than 13% in value. Uniswap and Algorand both lost more than 12% during the week, while Filecoin and Cardano were down by 10%. There were only a few coins who managed to end the week in a positive territory, where the absolute leader was Bitcoin Cash, with an increase in market cap of incredible 17%. Maker hold the grounds, with an weekly increase in value of 1.1%.
Coins in circulation continue with increased activity. Tether should be especially mentioned, as it continuously surging its circulating coins, adding 2.2% during the previous week. Miota added 0.6% of new coins to the market, same as Filecoin, while Algorand added 0.4% of new coins this week. XRP and Polkadot increased their coins on the market by 0.2% during the previous week, while the majority of other coins increased by less than 0.1%.
Crypto futures market
Previous week markets had a general reaction to stronger than expected US jobs data, where the crypto futures market reacted in a same manner. Both BTC and ETH futures were traded lower from the week before. BTC short term futures were traded around 5% lower, while longer term futures dropped by modest 0.5%, still trying to hold the previous week`s levels. At the same time ETH short term futures were traded down around 8% on a weekly basis, while longer term ones were down by around 5%.
Regardless of a drop in prices of short term futures, BTC longer term ones managed to hold relatively stable. Futures maturing in December this year were last traded at price of $73.220, while those maturing in December next year closed the week at price $77.865. This shows that the market still believes that BTC will hold higher levels in the future period. Still, not the same sentiment holds for ETH futures. This comes as the market priced longer term futures at lower levels from the week before. In this sense, futures maturing in December this year ended the week at price $3.519, while those maturing a year later were closed at $3.664. On a positive side is that the price of ETH manages to hold levels above the $3K for all maturities.
📉💡 TOTAL Market Retracement Analysis 💡📉📊 Market Overview:
Recent Movement: The TOTAL cryptocurrency market capitalization has experienced a retracement from approximately $2.6 trillion to $2.35 trillion before rebounding briefly and encountering resistance at the $2.5 trillion level.
Current Trend: Despite the bounce, there's a risk of further downside if the daily support line around $2.35 trillion is breached.
📉 Potential Scenarios:
Breakdown Scenario: If the support at $2.35 trillion is breached:
Downside Targets: Look for potential support zones at $2.10 trillion - $2.20 trillion and $1.80 trillion - $1.90 trillion.
Impact on Altcoins: A market retracement could lead to bearish sentiment for altcoins, potentially resulting in further declines.
Recovery Scenario: If the support holds and the market rebounds:
Upside Potential: Anticipate a potential return to previous levels or higher.
Altcoin Resilience: A successful rebound could stabilize altcoin prices and restore confidence in the market.
💼 Risk Management:
Monitoring Support Levels: Keep a close eye on the $2.35 trillion support level and be prepared to adjust strategies accordingly based on price action.
Managing Positions: Consider implementing risk management strategies such as stop-loss orders to protect against adverse price movements.
Market Sentiment: Stay informed about market sentiment and monitor key indicators for signs of potential trend reversals.
📈💰 Trade Responsibly: Stay cautious and adapt to changing market conditions. Managing risk effectively is crucial in navigating volatile market environments. 📉💡 #TOTAL #MarketAnalysis 🚀📊
Bitcoin Super Parabola to Continue. Pump It.Bitcoin and crypto has been on a parabolic rise. But last month, we morphed into a super parabola. So as we'd expect with any normal non parabolic trend, we retest support then consolidate before next pump. And now, we are in next pump territory.
TOTAL - YikesA lot of people will not like this post, but it needs to be said. April 2024 is looking to be a bad month for cryptocurrencies. Of course with the right factors this can change but let me voice my concerns for the short term.
Looking at the candle stick chart on the left, we can see March's monthly candle could not close above our 2021 monthly top candle. This is also in alignment with the 0.786. Based on technicals, this should at least bring the total marketcap down to the 0.618 around 2.15 T.
Of course, still macro bullish as the monthly RSI is likely to test our upper yellow trendline at some point in the cycle.
The line chart also show something scary for the short term. We see a double top forming. In my opinion, we will not see the euphoria of a full blown crypto bull market until the TOTAL surpasses and close a monthly candle above $2.63 T.
We will re-examine this chart with April's candle close. If we are able to close this month's candle above that double top level then the bearish thesis will be negated, but as things stand right now be more cautious.
Going ALL IN when the Total Market Cap reaches those LevelsWe reached an All time high in BTC, the previous weeks.
We retested those levels above the 70k, and it seems that the bears
are not allowing the price to keep going higher. At least for the short term.
We haven't reached an ATH in the Total Cryto Market Cap yet.
A retracement between the 38.2%-50% fibbonaci is absolutely possible,
combined with the rumors about the next black swan event which is around the corner.
Geopolitically there is a dangerous escalation...
I believe that something will happen, which will crash the markets,
giving the perfect opportunity for those prepared, to accumulate cheap digital assets,
before the current Bull market continues to new ATHs.
1.8-2 trillion dollars of Total Market Capitalization, are my entry Levels,
where I will go ALL IN my favorite crypto projects.
What do you think?
Kind Regards
''Woof Woof'' swapping the weak dog memes narrativePlease find my updated posted idea.
More than a #CardanoGirls as my bags are loaded with CRYPTOCAP:PEPE coins, as we are booting this dog-eat-dog greedy toxic alpha males world, governed by Uber Elites destroying our beautiful planet, life, freedom, cooperation, peace and love…
DYOR is for real this time, for real girls' power.
Swapping all my fog memes into CRYPTOCAP:PEPE as it's turning more than into a Prince.
Women, Life, Freedom now!
OMS
P.S. please read my posted idea of February 17, 2024 to catch up!
You have homework to do here. Peace and love to humanity right now.
MARKETS week ahead: April 1 – 7Last week in the news
Positive market sentiment continued ahead of the holiday season on western markets. The S&P 500 was closed at level of 5.254, which was the new highest level reached in the history of the index. Although USD gained in value, the price of Gold also headed to the higher grounds, ending the week at 2.233, a new ATH. The US Treasuries remained relatively stable during the week. Bitcoin reached for one more time levels above $70K, while the crypto market spent another week trading within a positive territory.
The core personal consumption expenditures price index, a Fed's favorite inflation gauge, rose 0.3% in February, bringing it to a total increase of 2.8% on a yearly basis. The news was released on a Good Friday, a holiday in Western countries, so the market will most probably continue after-the-holiday season pricing the positive inflation developments. Speaking at the Economic Club of New York gathering, Fed Governor Christopher Waller noted that there is no rush for cutting interest rates. He saw a rationale in keeping interest rates at current levels for longer to help inflation on its “sustainable trajectory toward 2%”.
CoinDesk is reporting that the market for tokenized U.S. Treasury debt is in its “booming” phase. Analysts from the crypto firm 21.co noted in a report that the total value of tokenized Treasury notes reached levels of above $1 billion. Tokenization has been done through several public blockchains like Ethereum, Polygon, Avalanche, Stellar and few others. These tokens can be traded on the blockchain. The increase in trading tokenized Treasuries has particularly boomed after BlackRock announced its tokenized fund BUIDL on Ethereum network. As reported, the BlackRock`s funds BUIDL had a strong inflow during the first week on the market, collecting $245 million in deposits, out of which Ondo Finance alone transferred $95 million.
The London Stock Exchange will allow listings of the exchange traded notes (ETNs) for bitcoin and ether coins. Trading of these assets will start on May 28th this year and will be available to institutional investors only. All listings on the LSE will be a subject of the approval of the Financial Conduct Authority. The FCA noted that requests from Recognized Investment Exchanges will not be turned down.
A CEO of the BlackRock, the largest US asset manager, Larry Fink, released his annual investor letter, where he noted a concern regarding “providing for retirement”. He is of the opinion that Social Security and other retirement assets need to be rethought from the perspective of their long-term inclusion into capital markets. He also commented on overspending by the US Government, which is creating increasing debt. His proposal for the solution of the issue is to create a public-private partnership in order to finance infrastructure projects.
Crypto market cap
It was another positive week on the crypto market. Although the majority of the market is positioning for the expected Fed rate cuts during the course of this year, the crypto community turned their discussion to the topic of forthcoming Bitcoin halving. There is a question of its impact on the price of Bitcoin, considering that rewards for bitcoin miners will be halved. On a positive side is that this halving will increase the supply of new bitcoins until the maximum of 21 million BTC`s is finally reached. Analysts are arguing that more supply of BTC will increase its transactions and its further adoption by people and institutions. With increasing demand and limited supply, the price of BTC could be expected to increase. However, this is only an opinion of several analysts, and whether this scenario will actually occur on the market is up to be seen during April. During the previous week total crypto market capitalization was increased by 6%, adding total $141B to the market. The market cap is holding well above $2.5 trillion. Daily trading volumes continue to be at higher levels, dropping a bit as of the end of the week, due to the Holiday on the Western markets, but still with high $131B on a daily basis. Total crypto market capitalization increase from the end of the previous year, currently stands at $923B, which represents a 56% surge from the beginning of this year.
Majority of coins gained during the previous week. Bitcoin was the one which led the market to the upside, with a total inflow of $87B, which increased its market cap by 6.8%. Ether also had a positive week, by adding $15.2B to its value, increasing it by 3.7%. Another coin with very good weekly performance was Solana, which added almost $ 10B to its value, surging by 12.7% within a week. Binance Coin continues to add to its value, increasing it by $6.8B or 8.1%. This week DOGE was in the spotlight of the market, with a surge in value of $3.5B or 14.3%. Bitcoin Cash performed well during the week, ending it with an increase in value of $2.45B or more than 26%. Within the higher gainers, it should be mentioned Litecoin, which added $1.13B to the market cap increasing it by 17.5%. Other weekly gainers with excellent performance in relative terms were Maker, who increased its value by almost 20%, Solana was up by 12.7%, Miota was up by 11%, while NEO surged by 9.6%. There were only a few losing coins, where Monero lost 4.37% of its value on a weekly basis.
As for coins in circulation, increased activity continues. Filecoin added 0.6% of new coins to the market, Polkadot`s coins in circulation were higher by 0.2%, while Stellar managed to add 0.3% to its circulating coins. Tether should be especially mentioned, as it managed to continuously add new coins to the market, where last week this number was 0.5% higher from the week before.
Crypto futures market
The crypto futures reflected the positive market sentiment from the spot market during the previous week. Both BTC and ETH futures were traded higher from the previous week, for all maturities. BTC short term futures ended the week around 11% higher from the end of the week before, while the long term ones were up by almost 5%. Futures maturing in December this year ended the week at $73.435, while those maturing in December next year were closed at price $78.255. The highest value reached for this maturity was $79.235, three weeks ago, with currently high probability that these levels can be reached again in a short future period.
ETH futures were traded around 7% higher from the week before, however, long term ones were up by relatively modest 1.1% on a weekly basis. Futures maturing in December this year ended the trading week at level $3.700, while those maturing a year later were last traded at price $3.856.
Creative FreedomBrought to you by Terminator, Ai, and Megaman.
Word of the day - satire.
You know, everyone needs a bit of comedy.
This one's for you!
Seriously though that 786 was front run. We never actually came back to hit it.
The entire market looks like a range.
BTC has diminishing gains per cycle as it gets adopted.
Meme world cant last forever.
And finally, the entire market reacted to the fib retracement so far on each cycle.
Not
Ever
Financial
Advice
TOTAL 4H chart A little bit of...
-Wyckoff
-Volume Profiles
-618 Retracements
- FVG (Fair Value Gap) below us
-A nice little orderblock under that.
I think thats where we are going before moving up.
Remember I only draw cartoons.
Idea updateI think the market needs a news to move up and otherwise we will have a downward movement because stopping the market from a psychological point of view will cause investors to fear, and as a result, it will be associated with the sale of funds and its conversion to Tether. will be...
Also, the price of Bitcoin is at its historical high, and 95% of buyers are in profit, and these stops can scare them...
There will be very important news in the next few days! ;)
Total Possible Bearish Diamond + Rising Wedge Possible Bearish Diamond fall flames the Rising Wedge to the down levels of 10 days, with rising water Usdt Dominance.
TOTAL Crypto Market CapThe negative space shown between measures of moving averages. No new average lines locked in yet.
TOTAL CRYPTO TICKERBridge view of Total cryptocurrency chart. No new bridge lines formed yet. Not sure when they will. All various on the measurements do not form new lines yet. All moving average lines have no committed to anything and the market is moving gains.
total short...The amount of capital in crypto is at a determining point and with the failure of the support of 2.537T, we can witness the withdrawal of capital from crypto, which will cause the price of the entire crypto market to fall, the least of which is in bitcoin, and most of it in altcoins and the most We will see the effect in the memes
So, with the failure of this support point, we can expect profitable short positions.
The Sunday Pump day TheoryWhy Crypto Markets Sometimes Pump on Sundays: A Global Market in Motion
The idea that Sundays are boom days for crypto prices is a persistent one. While there can be occasional weekend surges, it's not a guaranteed bonanza. Here's a deeper look at the reasons behind the Sunday pump theory, including the role of global time zones, and why it's important to consider a broader picture:
The Sunday Pump Theory: A Multi-Faceted Story
Reduced Weekend Activity: Traditional financial markets operate weekdays, leading to a general decrease in trading activity for cryptocurrencies (which are 24/7) over the weekends. This can sometimes lead to lower trading volume, which in theory could be influenced more significantly by larger purchases on Sundays.
Institutional Investor Hibernation (…Maybe): Some believe that institutional investors, who tend to trade during regular business hours, are less active on weekends. This could leave the market more susceptible to retail investor influence, potentially causing price swings.
Retail Investor Activity on Their Time: Retail investors, with more free time on weekends, might be more likely to trade cryptocurrencies. If a large number of these investors, particularly in Asia with a significant time zone difference, buy at the same time, it could cause a temporary price increase.
Global Time Zones and the Crypto Market:
The cryptocurrency market operates 24/7, constantly influenced by activity across different time zones. While weekends in some regions might see a dip in traditional market participation, Asia's booming markets could be entering their prime trading window on a Sunday evening (GMT+8). This overlap between a potential slowdown in Western markets and a potential ramp-up in Asian markets could contribute to price fluctuations.
📉 Market Analysis: A Crucial Juncture for TOTAL 📊🔍Overview:
The TOTAL market cap is currently at a critical juncture, testing the bottom of the range resistance level at $2.5 trillion.
Recent price action indicates volatility and uncertainty, highlighting the importance of careful analysis and risk management.
Key Insights:
Recent Rejection: Two weeks ago, the TOTAL faced rejection at the $2.7 trillion level, signaling strong selling pressure and a potential shift in market sentiment.
Support and Reversal: After retracing to a low of $2.2 trillion last week, the TOTAL found support and initiated an upward movement, indicating resilience in the market.
Current Test: With the TOTAL now testing the bottom of the range resistance at $2.5 trillion, caution is warranted as a rejection could lead to further downside movement.
Support Levels: Significant support levels are observed between $2.2 trillion and $1.8 trillion, suggesting potential areas for the TOTAL to retest in case of a rejection.
MARKETS week ahead: March 25 – 31Last week in the news
Based on the news from the previous week it seems that major central bankers are slowly reaching their pivotal point. The Fed`s view on potential three rate cuts during this year moved the markets to higher grounds. S&P 500 reached a new all time highest value at 5.234. The US Dollar gained during the week, while gold was holding grounds at levels above 2.150. The US Treasuries were also traded higher, with dropping yields. Bitcoin had another volatile week, still ending it above the $65K.
The FOMC meeting was held during the previous week which was closely watched by financial markets. As expected the Fed held its interest rates unchanged. However, after the meeting statement, Fed Chair Powell provided two important informations for markets. Firstly, he noted the possibility of three rate cuts during the course of this year, and secondly, FOMC members raised the US expected growth rate for year 2024 to 2.1% on an annual basis, from 1.4% previously projected. Although the majority of market participants perceived as positive news on rate cuts, there are still several scepticals on the topic. In this sense, officials from Vanguard asset management company expressed their view that the Fed will most probably keep the rates unchained till the end of this year and that the equity market in the US is currently overvalued. At the same time officials at Sycamore Tree Capital Partners also agreed that there is a high probability for no rate cuts this year. The CME FedWatch Tool notes market expectations of 68% chances that the first rate cut might occur in June this year.
Bitcoin ended another volatile week which was once again impacted by the sale from the Grayscale Bitcoin Trust (GBTC). As reported, total outflow from the fund on Thursday was $359 million. Analysis from Coinbase Institutional notes that GBTC selling is partially influenced by Genesis selling shares due to its bankruptcy process.
The US authorities led by SECs Chair Gary Gensler are planning further to dive into the regulation of the crypto market. During the previous week the US Securities and Exchange Commission, Commodity Futures Trading Commission and Treasury Department asked for additional funds for the year 2025 which will be used to attain 33 new employees with the goal to pursue further crypto currency businesses in the US into regulatory frame. In a speech during the week, SEC Chair Gensler noted that the crypto industry continues to be non-compliant with the US regulation and that they are “whittle away at the SEC's disclosure regime”.
BlackRock has turned its view to asset tokenization. As announced, they have created the first tokenized asset fund on Ethereum network. The fund`s name is Institutional Digital Liquidity fund and is represented by the BUIDL token, while the fund is fully backed by cash, US Treasuries and REPO agreements. The yield on the token will be paid through blockchain every day.
Crypto market cap
Ongoing positive market sentiment was additionally supported during the previous week through after the FOMC meeting statement. Although the Fed kept rates unchanged, still the most important news from the meeting of Fed`s officials was a potential three rate cuts till the end of this year. The Fed is planning further cuts also in 2025, until the rate finally reaches 2.6% as a “neutral” level perceived by the Fed. On the other hand, the crypto market continues to be highly volatile during the last two weeks. Although there is open market interest for crypto currencies and especially Bitcoin, still, some huge sales continue to occur. On one side, analysts are mentioning the closing of speculative positions, especially during the BTCs ATH. On the other hand, there are still huge sales occurring with Grayscale Bitcoin Trust (GBTC) shares, partially influenced by the Genesis sale due to its bankruptcy process. As it has been noted by analysts involved in a matter, this kind of BTC volatility might continue as there are still outstanding GBTC shares in Genesis bankruptcy process which will be sold in the future period.
During the week total crypto market capitalization dropped to the level of $2.2 trillion, however, has soon reverted to the upside, ending the week at level of $2.42 trillion. This level represents a 2% drop on a weekly basis, where $ 37B was wiped from the market. Daily trading volumes eased a bit, but still continue to be elevated around $172B on a daily basis. Total crypto market capitalization increase from the end of the previous year, currently stands at $782B, which represents a 48% surge from the beginning of this year.
The crypto market was traded in a mixed manner during the week. Although BTC had a significant drop in the value, still, the coin managed to finish the week with weekly outflow of $27B which is a drop in value of modest 2% on a weekly level. ETH was also following increased selling orders on the market, and ended the week by 5.6% lower from the week before, dropping its market cap by $24.3B. Solana was also on a losing side, dropping its value by 4.8%, or almost $4B. Binance Coin finished the week in red, by decreasing its market cap by $3.2B or 3.7%. Other altcoins with a drop in value during the week were OMG Network, who was down by 6.67%, Tron was down by 5.6%, Polygon lost 6.6% in value, while Algorand lost 6.4%. On the opposite side were coins with relatively solid weekly performance like Maker, which managed to gain even 15.8% in value, while DOGE ended the week 21% higher. Stellar and EOS gained around 4.5% both, while XRP gained 4.3% on a weekly level.
The increased activity with coins in circulation continues on the crypto market. During the previous week Polkadot added 10% new coins on the market, which was probably its highest increase on a weekly level. Tether continues to gain the market cap by increasing its coins in circulation by additional 0.7% on a weekly level. This week Miota managed to add 0.6% more coins to the market, while Filecoin`s coins were up by 0.4%.
Crypto futures market
The crypto futures market reacted to developments on the spot market during the previous week. Both BTC and ETH futures closed the trading week lower from the week before for all maturities. BTC`s short term futures were traded lower by more than 6%, while the longer term ones closed the week between 6.3% and 5.87% lower. Regardless of a drop, the futures prices are holding above $70K for maturities as of the end of this and next year. Futures maturing in December 2024 were last traded at $70.300, while those maturing a year later closed the week at $74.585.
ETH futures were traded lower around 9% for all maturities. Futures maturing in December this year were last traded at price $3.681, while those maturing in December 2025 ended the week at level $3.812. Same as BTC`s futures, on a positive side is that ETH futures are still managing to hold prices above the $3K.
TOTAL Crypto Market Cap update
In Feb, 2021, while enroute to the 1st ATH that year, The TOTAL chart saw a -29% pull back that had many questioning if that was it for the season.
This happened after a Sharp push up after PA had ranged for a while at the end of the previous Year. Some noted at the time, that the MACD was not oversold yet and so a potential for more existed.
That pull back lasted for 7 days and then took off again.
Could we be about to see the same now ?
The Scales are larger right now. For instance, the range at the beginning of this year lasted 8 weeks, compared to the 4 in 2020. We also have the added Value of ETF entering the market and they may not sell off as quickly. We are also in the 2nd week of pull back right now.
We are also finding support on that line of "Danger Zone" I placed on this chart months ago.
A few things to note here, that Kind of contradict each other.
Look at this MACD chart - The Vertical line on the left is where the -29% pull back took place
The Horizontal line is where that date intersected the MACD - See how much further it went up. To the ATH 10 weeks later.
We are currently slightly above that line, with the signal line a similar distance below.
This points towards MORE upside being possable.
BUT, Look at this RSI
The same vertical shows the retrace in 2021, Note how the RSI and the MA of that RSI are crossing at this point.
Now see where we are today. RSI is alreadi oversold and Falling back towards the MA.
This is BEARISH. Look back and see what happened in 2021 when the RSI crossed the MA while dropping.
So we have a story of 2 halves here. Signals pointing in both directions.
Should TOTAL drop that -29%, it does take us to a strong line of support, there is little doubt about that and if we are to reach the expect highs in Early 2025, and maybe more later that year, then we do need to reset to this level to cool off MACD, RSI etc.
As mentioned in other posts, the DMI is also showing change coming but we do not yet know in which direction.
So, Trade with sense, be cautious untill we seea set direction.
