Cryptocurrencies Making Deeper PullbackHey traders!
The US dollar is advancing, make cryptocurrencies weak as stocks market turns south ahead of key economic data from the US. As you know, the Fed will release its latest decision on interest rate policy today, and there is increasing speculation that they will maintain their current stance for a longer period. This anticipation is driving the US dollar higher while stocks are declining, and cryptocurrencies are also turning to the downside.
Looking at the total market cap, we are observing a potential breakout from the wave B triangle, after only a three-wave rise from the April 13th lows, indicating a correction, ideally it represented subwave (C) within a triangle.
If our analysis is correct, then current thrust out of the triangle could still be representing the final leg of this whole correction from March. However, there is still room to drop even to 1.9 trillion before potential support is found. A reversal and a significant bounce back to 1.23 trillion would be necessary for bulls to wake up, which is crucial if you are a short-term trader.
TOTAL trade ideas
Cryptocurrency Market Analysis: Caution Advised Amid GeopoliticaThe total cryptocurrency market is at a critical juncture, with the support level of $2.17 trillion under threat. Should this support break, we anticipate a potential decline to around $1.8 trillion. Given the current geopolitical situation, the associated risks are heightened, making any long positions particularly precarious. It is advisable for investors to exercise extreme caution under these conditions. The ongoing war has instilled significant instability across global financial markets, which could lead to substantial drops. For this week, we recommend minimizing risk exposure in your trading strategies to safeguard against volatile market movements.
MARKETS week ahead: April 29 – May 4Last week in the news
Latest PCE data in the US are showing persistent inflation, decreasing inventor’s expectations of a potential three rate cuts during this year. US Treasury yields reacted to change in sentiment, where the 10Y benchmark reached its weekly highest level at 4.73%. Decrease of geopolitical risks in the Middle East impact short reversal in the gold price, ending the week at $2.337. The US equities were traded in a mixed manner, but still, the S & P 500 advanced more than 2.7% on a weekly basis. The crypto market has had a relatively volatile week, with BTC shortly slipping to levels below $63K during weekend trading. On 1st may Fed's rate decision is scheduled, which might bring back some higher volatility on the market.
Inflation continues to be the main concern of investors in the US. As per Fed`s favourite inflation gauge, the core personal consumption expenditures price index was increased by 2.8% on a yearly basis in March, slightly higher from the market expectations of 2.7%. On the other hand, posted data show that the personal saving rate dropped 0.4pp in March, which was a decrease of 2 % compared to last year. Investors decreased their expectations of potential three rate cuts to only two during the course of this year. As per CME Group FedWatch gauge, the market is currently estimating two rate cuts with a 44% probability rate. At the same time, consumers are not giving up on spending. As per latest data, Personal spending is up by 0.8% in March on a monthly basis, while dip in savings shows most probably that consumers are currently digging into their savings in order to make purchases.
A new package of laws has been adopted in the European Parliament during the previous week with the aim to further strengthen the regulation related to anti money laundering. The new laws are also addressing large cash payments and crypto companies, among others. By new laws, “obliged entities”, including crypto firms, will be obliged to report suspicious activities, as they are defined by laws.
News is reporting that ARK Invest sold the last of its BITO holdings of around $6.7 million on Thursday. The shares in the ProShares Bitcoin Strategy ETF were bought during the end of last year in anticipation of the approval of the first spot BTC ETF on the market. Just to note that the fund founded its own ARK 21Shares Bitcoin ETF (ARKB) with the aim to invest in spot BTC.
A Pennsylvania based Republic First Bank is the first bank in the US in 2024 to be seized by regulators. Namely, all business news are reporting that this bank has been seized by Philadelphia authorities on Friday. During the previous period, the Bank was looking for a potential buyer, where Fulton Bank had reached an agreement with FDIC to take over a total 32 branches of the Republic First Bank. The shares of the troubled bank were traded down by 60% on Friday. As news is reporting the bank had about $6 billion in total assets and $4 billion in total deposits as of the end of January this year.
Crypto market cap
As frenzy over Bitcoin halving ended during the previous week, the crypto market is slowly returning to its “old” trading mode. Speculative positions have been closed, which pushed modestly the price of BTC toward the downside during the whole previous week. Selling orders were prevailing, supporting price volatility. Although it might sound like a paradox, analysts are still in agreement that this is positive for BTC, as it needs to finish one cycle in order to start a new one. As of the weekend, total crypto market capitalization dropped by 2% compared to the week before, where around $57B was wiped out from the market. This decrease was led by BTC as the coin lost $ 41B in value during the week. Daily trading volumes continue to decrease, where during the previous week they were moving around $104B, which is a drop from $128B traded two weeks ago. Total crypto market capitalization increase from the end of the previous year, currently stands at $623B, which represents a 38% surge from the beginning of this year.
Weekend trading session brought another losing session for BTC. It`s value dropped by 3.2% on a weekly basis, dragging market cap down by $41B. On the opposite side, ETH managed to add to its value during the week, increasing it by 1.6%, adding $6.2B to its market cap. Altcoins were also traded in a mixed manner during the week. There was a sort of equal number of both gaining and losing coins on a weekly basis. Among gainers was Tron, which increased its cap by 8.5% during the week. Binance Coin managed to hold its value relatively steady, increasing it by modest 1.5%. Algorand managed to gain 3.25% during the week. On the opposite side some of the major altcoins were traded down during the week. Solana lost 8.4% in value, losing $5.6B in market cap. DOGE was traded down by more than 10%, decreasing its value by $2.38B. Cardano joined the group of losing coins, with a total drop of 9.2% or $1.6B on a weekly basis. One of the highest losers in relative terms was Filecoin, with a total drop of 12%.
During the previous week there has been a lot of developments when it comes to the number of circulating coins. For the first time in a while, there has been a significant increase of Ethereum`s coins in circulation by even 1.6% on a weekly basis. Litecoin is also one which should be especially mentioned, as this coin had a surge of its coins on the market by 4.2%. Filecoin added a new 0.6% of coins. On the opposite side were Monero and Binance Coin, which significantly decreased their number of coins on the market. Monero had a drop of 5.1%, while BNB`s were down by 1.3% within a single week.
Crypto futures market
Although crypto futures were holding relatively steady during the previous week, still, the major development which occurred during the weekend, have not been priced on a Friday`s closing on the CME. In this sense, some drop in BTC`s short term futures is possible with a first trading day on Monday.
BTC short term futures ended the previous week with a drop of around 0.3% on a weekly basis. At the same time, the long term ones were last traded higher by around 1.6%. Futures maturing in December this year were closed at price $68.520, while those maturing a year later were traded at $73.330.
ETH futures had an increase for all maturities. The short term ones were traded higher by around 2.0%, while those maturing with a longer maturity period were traded around 3.0% higher on a weekly basis. December 2024 closed the week at price $3.337, and December 2025 was last traded at price $3.481.
Eat Total Market Cap!Two modes of market movement are possible
The first situation is marked with a black arrow and indicates the possibility of correction up to two trillion dollars, and in case of failure of this area, it can correct up to the range of 1.2 trillion dollars. The most likely option for me would be to move according to the black arrow and return from the specified range and the final move towards $3.5 trillion.
More details are in the chart.
4 Market Cap charts and SMA & VRVP- A Warning for Lower Cap ALTSThe Main Chart is the TOTAL Crypto Market Cap and it shows us how the Market is sitting on the Daily POC ( Red Dotted line ) off the VRVP and is gettign sandwiched between the 50 SMA ( RED) Above and the 100 ( BLUE ) Below. - All in all, After the weeks of Ranging, The PA is in Good shape but that VRVP doe sshow resistance over head and possible Lack of support below.
TOTAL2 Daily chart below
Again, PA is loosely sandwiched between the 50 and 100 SMA but the point to note here is how far below the POC ( point of control ) PA is. Signifies a weakness in ETH compared to BTC
TOTAL3 Dail;y chart below - TOTAL3 shows the total market capitalization of the top-125 cryptocurrencies, excluding BTC and ETH.
Again, PA finds itself in a position to get squeezed by the 50 and 100 SMA but one VERY noticeable difference is that PA is ABOVE the POC.
This shows us that the Bigger ALT coins could drop further but there is support below.
I would also interpret this to show that ETH and its ALTS are the weaker compared to other Chains.
OTHERS Daily chart below - #THE ONE TO SEE HERE - OTHERS shows the total market capitalization of the top-125 cryptocurrencies, excluding BTC and some other top cryptocurrencies.
The Thing to see here above all else is how the PA has already dropped BELOW the 100 SMA ( blue) - It has not done that on any other the other charts.
This shows us the bigger Loss is on the ALTS compared to BTC.
Again, you'll notice how the PA is below the POC.
The conclusion I draw from this is simply that BITCOIN is holding the market in higher Value than anything else. The ETH charts are weaker and below the POC ( point of control ) on the VRVP.
Definition. Visible Range Volume Profile (VRVP) indicator calculates the volume profile within the visible range of prices, making it an ideal tool for traders who want to analyze the most recent market trends
This simplified Point of Control (POC) indicator for TradingView is designed to identify and plot the price level where the highest volume of trading occurred over a specified period.
The Idea of ALT Season that so many have called is FLAWED>
We are no where near that yet.
TOTAL 1H analysis April 25 2024Previous analysis on TOTAL was indeed on point (check April 22 post) and TOTAL faced heavy rejection from the indicated level and the majority of the coins have been dumping the past couple of days. We believe TOTAL can drop further and hit 2.235T zone. if that level can't hold, the subsequent dump will probably be heavier!
Did you buy the ''Dip'' this time around? Just an update post pre-halving KeKers' scamming FUD... rekt already!
Same narrative.
Booting out fiats.
#SySytem_Web3_Alternative_Intelligence taking control.
Did you DYOR for real this time around or did you just dismissed all of this as insanity once again? Please refere to my main manifesto dated February 18th, 2024 to catch up from here.
Just adding on homework for you here. You can watch this on Prime:
- Creating Freedom: The Lottery of Birth
OMS (aka Baba in chat)
TOTAL (1H) forming a possible bearish patternLooking at TOTAL chart in 1H timeframe, it's possible that a rising wedge pattern is being formed. if confirmed, market can dump a little for a couple of days. in case the pattern fails and TOTAL crosses above the resistance zone, the current pump in the market shall continue with a better momentum.
MARKETS week ahead: April 22 – 27Last week in the news
Higher for longer was for one more time rhetoric which influenced market sentiment during the previous week. In expectation of less rate cuts during this year, the US equities entered into the correction mode, with the S&P 500 ending the week at level of 4.967. The US Treasuries had another relatively strong week, where 10Y benchmark sustained levels above 4.6%. The price of gold remained under the influence of geopolitics, while the US Dollar also held in strength during the week. The crypto market was recovering from a strong sell-off two weeks ago, but still sustained relatively higher volatility in expectation of Bitcoin halving, which occurred this weekend. Bitcoin is ending the week above the $ 65K levels.
The US economy continues to show its resilience to tight monetary policy. Retail sales in March were increased by 0.7% on a monthly basis, which was much higher from market estimate of 0.3%. This was another issue for markets, considering its potential impact on inflation in the coming period. Markets are currently losing positive sentiment, and adjusting positions accordingly, in expectation that three rate cuts will not occur during the course of this year.
CNBC spoke with leading ECB economists during the IMF Spring Meeting in New York, held last week. The ECB President Lagarde once again noted her standing from the last ECB meeting, that it could be expected first rate cut in June within the European Zone, in case that inflation continues to move with a clear down trend. However, in case of some extreme shocks, the rates might stay on hold. She noted this disclaimer considering recent negative developments in the Middle East and its impact on oil prices. Also, other twelve members of the Council Board were in agreement with such a course of action in June, and also aligned with potential threats coming from geopolitical issues.
Quite a positive sentiment came last week from CEO of VanEck fund, Jan van Eck. He noted in his opinion that the world economy is starting its new growth phase, putting special emphasis on China, and suggested that investors should eye commodities now. At the same time, it should be noted that his funds have large exposures toward commodities, including gold and copper.
The long awaited Bitcoin halving started early Saturday, where the 840.000th block was added to the blockchain. Fees already soared while at the same time a new Bitcoin-based system was launched. The name of the new system is Runes. Although BTC`s price was relatively volatile during the week, still the BTC held strongly around the level of $65K. Still, whales took the chance to buy the BTC dip at $60K. News are reporting that a total of $1.2B worth of BTC was bought during this time.
Crypto market cap
Bitcoin halving took place. Markets were waiting with anticipation for this event, considering that no one was really sure where the price might go prior to halving. On one side were analysts who were noting a possibility that the price might significantly drop, while on the other side were the ones noting that the price will hold and move further to the upside in the coming period. Now that the event passed, we know that the price managed to hold around $ 65K, although there had been some prior higher volatility. BTC whales took the opportunity to buy the dip and increase their positions in this coin. Two weeks ago, there was a huge sell off on the crypto market, however, the situation relatively stabilized during the previous week. Total crypto market capitalization dropped by modest 1% on a weekly level, losing a total $25B. Daily trading volumes decreased to the level of $128B on a daily basis, from $131B traded a week before. Total crypto market capitalization increase from the end of the previous year, currently stands at $680B, which represents a 42% surge from the beginning of this year.
Although the majority of altcoins were leading the market to the upside, BTC and ETH are the ones which lost in value on a weekly basis. BTC dropped by a modest 2.3%, where the coin lost around $30B in the market cap. ETH was down by 1.2%, where around $4.8B was a decrease in its market capitalisation. Bitcoin Gold also lost some of its value during the week, dropping its market cap by 3%. There were several altcoins, who ended the week in red, like Monero, Binance Coin and Tron, but the drop was less than 1% in value. Majority of altcoins were leading the market to the upside. In this sense, Cardano increased its market cap by $1.1B, which is an increase of 6.5% on a weekly basis. Polkadot should be especially mentioned as the coin added more than $ 3B to the total crypto market cap, increasing its own by 4.2%. Solana also added $ 3B which is an increase of 4.7% on a weekly level for this coin. Among excellent weekly performers in relative terms were Filecoin and Maker, where both managed to increase market cap by more than 11%. Interestingly, THETA was one of coins who managed to add 10.5% to its market value. Other altcoins were mostly traded higher between 2% and 8% on a weekly level.
Relatively stronger developments continue when coins in circulation are in question. During the previous week Filecoin added 0.4% of new coins on the market, while Miota`s number of coins were higher by 0.6%. Certainly, this week's winner was Monero, with an increase in circulating coins by 5.4%. On the opposite side was Litecoin, who, this time, decreased its coins on the market by even 4%.
Crypto futures market
In line with the spot market, there were some major developments on the crypto futures market during the previous week. Both BTC and ETH futures were traded lower for all maturities. It should be taken into account that CME was closed during the weekend, in which sense, developments during the weekend are still not fully priced in futures. In this sense, some increase in futures prices are possible in Monday trading sessions.
BTC short term futures were last traded by some 5% lower from the end of the week before, while the longer term ones were down by less than 10%. Futures maturing in December 2024 ended the week at price $67.450, while those maturing a year later were last traded at $72.160. This was a significant drop, considering that two weeks ago these futures were traded at $80.095 for the first time in history.
ETH short term futures were also down by some 4% on average, while the major drop was with the longer term ones, which closed the week down by some 12.8% on a weekly basis. Futures maturing in December this year reached the price at $3.246, while those maturing in December 2025 closed the week at $3.377.
Post Bitcoin Halving, is it time for ALTS now ?
This is something I am seeing so many people asking and the only Answer is, "It is impossible to say jsut yet.
Historically, if we look at the BTC.Dominacne Chart below, we can see that, on average, iit is around 200 days after Halving that we see ALTS seasons.
This does not follow that Bitcoin outperform all ALTS however and it is worth noting that Just because BTC.D Drops, BTC PA does not always follow, in fact, in times of strength, is creates Divergences.
But something to take note of right now is simply that on a Daily chart, the TOTAL Crypto market Cap has retraced to sit on the 236 Fib retracenebt line. ( below ) and is currently bouncing off it.
On the other hand, the OTHERS total crypto Market Cap chart ( Minus TOP 10 Crypto ) shows us that it has retraced to BELOW the 236 Fib Line. (below)
This maybe a tough line for OTHERS to cross, even more so if the Supply of BTC is getting Tight, no one is selling and so liquidity is not spreading across from BTC to ALTS and we also find new
Liquidity entering the market getting scarce as the USA monetary policy keep interest rates high for the foreseeable Future. .
So where does this leave us ? With All the TOTAL charts Ranging ? This is a possibility but I can see the Bitcoin "formula" working as it always has....We may see another 200 day Range, With BTC being Top, maybe even pushing to a new ATH. 100K USDT is certainly a possibility as Corporate money flows in,
We have seen profit taking, the sell off of Greyscale BTC that has been soaked up and yet PA continues to range.
Bitcoin is Still in control.
We need to pay attention to the OTERS to see how that copes with the 236 Fib line but , for me, and this is just my opinion, we are now wgere near ALT season yet.
Time will tell
Total crypto marketcap similar to large-cap and small-cap stocksWhile Bitcoin rose to new all-time highs this year, many altcoins seem to lag behind it, showing a somewhat similar dynamic to that observed between large-cap and small-cap stocks (where large and well-established companies managed to recover in the past year or so while their smaller counterparts have been struggling). In addition to that, it is often overlooked that despite a huge rally in Bitcoin, the total cryptocurrency market cap has not reached its previous all-time highs from late 2021 (even despite Coinmarketcap currently listing more than 2.4 million different cryptocurrencies on its website, which is far more than at the peak in 2021).
Illustration 1.01
Illustration 1.01 shows the weekly charts of the three largest cryptocurrencies (excluding Bitcoin and stablecoins). Unlike Bitcoin, each token failed to reach new all-time highs (thus far). The same applies to other large cryptocurrencies, including XRP, DOGE, and Cardano.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
Be the winner of the market! ;)A decrease in total value is a sign of withdrawal of funds from the crypto market, and as a result, as the value of the crypto market decreases, the price of all coins also decreases.
And in future posts, I will show you the right time and place to enter a short trade on all coins.
fri 12 apr '24 20:30!
fri 12 apr '24 20:30!
fri 12 apr '24 20:30!
fri 12 apr '24 20:30!
MARKETS week ahead: April 14 – 20Last week in the news
Inflation fears are for one more time those to shape investors confidence. Posted US inflation data during the previous week, impacted negative sentiment on the market, and made US Treasury yields move to the higher grounds, while US equities were pushed to the downside. For one more week in a row geopolitical risks were pushing the price of gold to new ATH. Uncertainty over the forthcoming Bitcoin halving impacts higher volatility on the crypto market. However, regardless of current higher volatility, BTC futures maturing in December 2025 reached the level of $80K for the first time in history.
The pivotal point on financial markets was a release of the US inflation data for March. As posted, the inflation in March was 0.4% for the month, which brought it to the level of 3.5% on a yearly basis. The data was higher from the market forecast of 3.4%. In line with significantly increased non-farm payrolls posted two weeks ago, data scared markets that the inflation could further accelerate which would impact Fed's decision not to cut rates during this year, or, most probably, that there will be less than three cuts during the year. The FOMC meeting Minutes were released during the week, where it has been revealed that Fed officials were looking for more convincing data in order to trigger rate cuts. Economists and analysts are currently quite divided on this topic, considering that this question is not at all easy to answer. Larry Fink, CEO of largest investment fund BlackRock, commented on potential Fed`s move, noting a possibility that there will be two rate cuts this year, however, the estimate of 2% targeted inflation will be missed. He sees high probability that the Fed will cut rates, even as inflation remains elevated. Jamie Dimon, CEO of JPMorgan Chase noted several challenges for the world and the US economy, noting geopolitical risks and “persistent inflation pressures” but still perceives many economic indicators as favorable.
While US markets are concerned over the potential for rate cuts, investors in European markets are heating up sentiment for the first rate cut by the ECB in June this year. The ECB held a policy meeting during the previous week, where rates were left unchanged, as widely expected. However, comments from ECB officials heated the market expectation that the first rate cut by the ECB might occur in June this year, in case that inflation continues its down-track.
The pressure on the chip industry continues. As news is reporting, Chinese officials issued a directive, where it is requested by Chinese telecom systems not to use any foreign chips within their products. All processors made by foreign companies should be replaced by the year 2027 in China. This news was first posted by the Wall Street Journal, which specifically mentioned companies AMD and Intel, which will be hit by such a decision by Chinese authorities. Share prices of these two companies significantly dropped after the news was published.
Crypto market cap
Bitcoin halving is coming during the end of the week ahead. However, this represents only one side of the current market nervousness. Investors are highly concerned regarding the potential for Fed's rate cut, as well as, ongoing geopolitical uncertainties. The combination of these factors impacted a significant drop in the value of the crypto coins, but also other financial markets were affected, like US equities and US Treasuries. It could be expected that the same combination of factors will continue to impact markets for some time in the short future period. However, what is optimistic about the crypto market is that BTC futures maturing in December 2025 for the first time in history reached the level of $80K. This is another significant milestone for BTC, as it shows current market sentiment that BTC can only grow in value in the future. Certainly, whether this will be the case is about to be seen. For the moment, total crypto market capitalization decreased by 5%, where $121B was wiped out from the market. This time a significant portion of altcoins lost in value, where major coins were participating with roughly 40% in this drop. Usually majors are the ones that are leading the market to one side, however, this time was different. Daily trading volumes were also significantly increased from the week before, reaching even $250B on a daily basis, from $131B traded a week before. Total crypto market capitalization increase from the end of the previous year, currently stands at $705B, which represents a 43% surge from the beginning of this year.
BTC and ETH had another volatile week, however, the majority of altcoins were the ones that lost the most during the week. Regardless of the fact that BTC for one more time tested levels above $70K, the coin is ending the week by more than 2% lower from the week before, where total weekly loss in value was $28,2B. ETH`s market cap dropped by $18B on a weekly basis, which is around 4.5%. The list of altcoins who lost in value above $ 1B is significant for the first time in many weeks. XRP, Bitcoin Cash and Cardano all lost above $ 4B in value. However, one of the most significant drops among altcoins was with Solana. This coin lost almost $ 15B in value during the week, dropping it by around 19%. Significant losers in a relative terms were Uniswap, with a drop of more than 35% on a weekly level, OMG Network was also down by 30%, Filecoin lost almost 30%, while Maker was down by 26% within a single week. Other altcoins also lost between 10% and 20% in value. The only coin that gained was Tether, however, through an increase of its coins in circulation by 0.5%.
Although it was a red week for the majority of altcoins, still, for the majority of circulating coins it was a green week. Filecoin, although significantly lost in value, still managed to add 0.9% new coins to the market. Polkadot added 0.3% more circulating coins, while Polygon`s total coins were higher by 0.2%. Majority of other altcoins added around 0.1% of new coins during the week.
Crypto futures market
The crypto futures market had bad news and also good news during the previous week. The volatility on the spot market continued for the third week in a row, and so were the crypto short term futures. In this sense BTC short term futures were traded down around 0.9%, while ETH`s ended the week 3% lower from the end of the week before. Still, regardless of the short drop in short term futures, the major development occurred with longer term ones, which for both BTC and ETH ended the week higher from the week before.
BTC long term futures ended the week by 2.8% higher from the week before, but the most important news is that for the first time in history, futures maturing in December 2025 reached the price above $80K. This is the most significant development, as it shows that investors still believe that BTC will rise in value during the course of time. Futures maturing in December this year ended the week at price $75.090, which is also a new weekly high for this maturity.
ETH long term futures also ended the week with a positive sentiment. They were traded around 5.8% higher from the week before. Futures maturing in December this year were last traded at price $3.720 and those maturing a year later closed the week at $3.877.
The Super CycleThere is still the possibility of a higher high this quarter with the most recent dump providing such an amazing inval level.
Goes to show that the liquidity holding this market up is few and far between (at least for now).
This rally will fail to hold until global liquidity conditions improve drastically.
The catalysts are all building and I don't really care/know what they all are.
Markets will do what they have always done.
The improbable.
After events play out we will get the fabled super cycle.
You have 1 job until then:
Survive.
Cycle HeatmapGm, the cycle heatmap says we are still early.
This idea is purely based on the 4 year boom and bust cycle theory.
We expect btc to bottom about 1 year before the halving and top at least 6 months but probably 9-18 months after the halving. So I adapt this theory to the total market cap and estimate a conservative 50% btc dominance to get an idea of the total crypto market cap targets of this new cycle.
We can also combine different cycle based models to create a heatmap.
- 140k BTC target as minimum conservative target
- 10x total target
- 1M BTC target
- trololol log regression aasasoft.org
- log log price chart price.bublina.eu.org
- stock to flow www.lookintobitcoin.com
- halving en.bitcoin.it
This allows us to track where we are in the big picture and identify mean reversion risks.
#dubious #speculation
📈 TOTAL Breaks Support➖ Yesterday TOTAL closed above EMA50; support holds.
➖ Today, TOTAL broke below EMA50 on high volume; support breaks.
Chart signals
➖ EMA50 is a medium-term moving average, which for us means a time duration between 1-3 months.
➖ Breaking below EMA50 opens up the possibility for the TOTAL index to drop medium-term, i.e. 1-3 months.
➖ A positive signal is the fact that TOTAL is still trading above its 20-March low but this is likely only temporary. Related pairs and markets went on to produce lower lows and some are trading all the way down already; what one does, the rest tends to do the same.
➖ The RSI is already way below 50, almost reaching 40.
(Weak RSI confirmed.)
👉 I guess we will be looking at new bullish action within 4-6 months and new highs late 2024 or early to mid-2025.
What's your take?
You can find the targets (support) on the chart.
Namaste.