BTC.D Testing Key support levelThis graph shows 1/Total Crypto Market Cap(excluding BTC).
Currently we are seeing general uncertainty in the most volatile market. It may be a better idea to hedge your positions with spreads . In other words, if you are bullish due to fundamental analysis factor on ETH or any other altcoin, you may place a long with your alt and a BTC short .
- Same goes for otherway around (BTC long, shitcoin short)
- This idea is based on the assumption that Cryptocurrencies move in the same direction
TOTAL2 trade ideas
The Important Area
According to Elliott Waves, we made 5 original descending waves on the daily frame, both for Bitcoin and the rest of the coins.
The price could take three bullish corrective waves and then complete the original bearish waves, or it could take a sideways wave trajectory and then complete the original bearish waves
Or has another opinion about the end of the bear market and the beginning of the original bullish waves
So this gray area has a share of its name!
In conjunction with the possibility of the price testing the downtrend, which supports the possibility of descending
Honestly, every possibility has its backing and strength
But the strongest reason that happened in my opinion, which is (breaking the bottom that formed the last top) remains a difficult number in the equation
TOTAL2everything accept btc marketcap
44% on the +side here think we see more relief (up) coming into the retest of exponantial moving averages
expecting heavy resistnace at that downtrend line till next halving catalyst event
or potential breakout for succsessful eth2.0merge
overall macrobullish
retested 2017high and bounced significantly
after a 75% retrace from speculative highs (euphoria cycle)
accumulating through summer and these lows will prove profitable in the long run imo
pyscologically speaking not much more can happen barring massive war escalaton or another pandemic
TOTAL2CRYPTO TOTAL MARKET CAP EXCLUDE BTC
This analysis suggests for intraday traders:
Wait until price touches the trend lines then look for signal bar and key bar /Breakout and pullback to recognize direction of price movement.
Please consider this index before opening position Altcoins
Money Management must be obeyed.
TOTAL2 - Buh-Bye 🚀BTC is currently a very confusing chart - and with good reason. It is throwing many off the scent right here 😄.
On this chart you will see BTC overlaid and it hasn't really made progress north.
But the little devil in the detail I think is that 5 clear waves have printed now.
And although BTC / TOTAL2 are very exotic, if the dominant trend was to the downside then 3 clear waves should be a contination pattern to the downside but thats not what has happened. There has been no bite from the downward trend in wave 4 and price has held.
Instead we are now in a 5th wave and alarm bells should be ringing for bears but everyone appears to be sleeping and counts are being adjusted.
But what is happening I think is clearly revealed in TOTAL2 chart.
And that is the first wave up is a Wyckoff accumulation AR Automatic Rally minor wave ABC.
This leads into an intermediate wave regular flat ABC but now it is inverted for reversal.
And now the 5th wave is the dominant trend coming in to the upside to print LPS Last Point Of Supply and move up to SOS which will be the wave 1 of the trend up.
The change of character CHoCH is clear as TOTAL2 has become impulsive and there have been many alt explosions recently in reflection of that.
As TOTAL2 moves past AR it is a textbook accumulation. The only difference is that crypto doesn't seem to bother with ST or even a SPRING since it is more bullish in correction than other markets.
And from here it may fall and print BU/LPS which is a re-test of AR resistance turned support. But it will very likely be heading up after that and alts will be off to the races yet again.
Buh-Bye! 😄
#ALT MARKET CAP is on the run! 15% Rally ahead!Welcome to this quick update everyone,
Altcoin Marketcap is bouncing after printing a higher low.
The index reversed on 18th June 2022 with a low of $430.955 Billion Marketcap.
Currently its trading inside a rising channel and to cpmleyte it needs to print another higher high which gives us our short term target of $573 Billion, almost 15% from current level.
THERY TO KEEP IN MIND:-
Since this is a rising channel which is generally bearish in nature and often considered as a bearish continuation pattern unless broken to the upside.
This is a very interesting scenario here. BTC has been surprising us since the last few months and ALT MARKCAP breaking to the upside after printing a bearish pattern could be another surprise while the whole crowd is completely bearish.
This is just a theory. The chart along with multiple indicators are showing possibility of a 15% rally in this index which will eventually push the altcoins 20% to even 50%.
So take your trade decisions accordingly.
INVALIDATION:- A CANDLE CLOSE BELOW THE RECENT Higher low of $461 billion will invalidate this chart.
DYOR before taking any trade decisions based on this chart.
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