TOTAL CRYPTO MARKET CAP LOOKING BEARISH!
The market is currently on route to levels lower in the following days to come. This statement will be justified in the paragraphs that follow.
Flag break: The market was trending in a bearish flag formation starting on the 18th of June and has recently broken out on the 19th of August. The breakout target levels for this flag formation puts the total market cap at prices as low as 618b, however there are a few strong levels of support that will prevent a sudden drop in price which will result in a hopeful healthy decline in price. It could be argued that the 765b support could be a bottom for this move as there should be a huge buy back at these levels as it does pose as a strong support, being the intraday low of the flag formation.
EMA: Following the break from the flag formation, the price has fallen below the 100 Ema again, after peaking above briefly. This adds additional confluence for the bears to continue strong. Looking back at the previous brief break above the 100 EMA followed by a sudden break under, the current price seems to be playing out similarly to the past move.
The following attachment is the example of the similarities of the current price movement.
RSI: The RSI is looking slightly oversold however still has some way to go in relation to the previous bottoms at 21.74. This indicator strengthens my predictions on a potential consolidation area in order to build up for another bearish move. My opinion over a consolidation area will be discussed below.
Support, Resistances & Fib: The price has broken below a previously strong level of support at 960b, therefore it could be argued that the price will consolidate below this level to recreate the support as a prominent resistance. This level of now resistance is also a 50% fib retracement level further strengthening is position as a key level of support and resistance in the future.
The red circle displays the break from the key support:
The 61.8% - 65% level is approaching and should hold the price up for some time. It could be argued that the price has fallen into a consolidation area between 972b and 911b. This potential consolidation area would further create health in the price action by making sure the market does not overextend, however due to the current news regarding inflation reduction by the fed could result in the price falling straight through these levels due to massive sellouts however this is all speculative at the moment. I shall be looking into the matter which will be discussed in an article that follows.
Feel free to give me your most honest opinion on the current market.
Thank you
Flag break: The market was trending in a bearish flag formation starting on the 18th of June and has recently broken out on the 19th of August. The breakout target levels for this flag formation puts the total market cap at prices as low as 618b, however there are a few strong levels of support that will prevent a sudden drop in price which will result in a hopeful healthy decline in price. It could be argued that the 765b support could be a bottom for this move as there should be a huge buy back at these levels as it does pose as a strong support, being the intraday low of the flag formation.
EMA: Following the break from the flag formation, the price has fallen below the 100 Ema again, after peaking above briefly. This adds additional confluence for the bears to continue strong. Looking back at the previous brief break above the 100 EMA followed by a sudden break under, the current price seems to be playing out similarly to the past move.
The following attachment is the example of the similarities of the current price movement.
RSI: The RSI is looking slightly oversold however still has some way to go in relation to the previous bottoms at 21.74. This indicator strengthens my predictions on a potential consolidation area in order to build up for another bearish move. My opinion over a consolidation area will be discussed below.
Support, Resistances & Fib: The price has broken below a previously strong level of support at 960b, therefore it could be argued that the price will consolidate below this level to recreate the support as a prominent resistance. This level of now resistance is also a 50% fib retracement level further strengthening is position as a key level of support and resistance in the future.
The red circle displays the break from the key support:
The 61.8% - 65% level is approaching and should hold the price up for some time. It could be argued that the price has fallen into a consolidation area between 972b and 911b. This potential consolidation area would further create health in the price action by making sure the market does not overextend, however due to the current news regarding inflation reduction by the fed could result in the price falling straight through these levels due to massive sellouts however this is all speculative at the moment. I shall be looking into the matter which will be discussed in an article that follows.
Feel free to give me your most honest opinion on the current market.
Thank you
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