The bounce you are noticing on the chart is just a continuation pattern that's all. I have analyzed BTC as well as the "Total Market Cap" provided by 'Tradingview" and got really fearful bearish movement. So be careful while opening any "Long Position".
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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.