Here is an update to our last post:
This one is very interesting as our middle trendline did actually mark the local top for the total cryptomarketcap before this selloff.
We did mention in our previous post how this was a key level for support/resistance flips and currently marketcap was below which meant it should still act as resistance.
When BTC got its pop up to $109k the total marketcap tested that white trendline as resistance and the selling began.
Now the total marketcap has dropped all the way back down to our green trendline. This marked the bottom in the last post when the daily candle closed above it. Currently marketcap is trying to respect this level and rally back to the upside. But if we do lose this green trendline another almost $300 billion can exit the marketcap and bring us back to our crucial $3T level.
This chart is based on higher timeframe outcomes which means we need to wait for daily closes to confirm the trend.
This one is very interesting as our middle trendline did actually mark the local top for the total cryptomarketcap before this selloff.
We did mention in our previous post how this was a key level for support/resistance flips and currently marketcap was below which meant it should still act as resistance.
When BTC got its pop up to $109k the total marketcap tested that white trendline as resistance and the selling began.
Now the total marketcap has dropped all the way back down to our green trendline. This marked the bottom in the last post when the daily candle closed above it. Currently marketcap is trying to respect this level and rally back to the upside. But if we do lose this green trendline another almost $300 billion can exit the marketcap and bring us back to our crucial $3T level.
This chart is based on higher timeframe outcomes which means we need to wait for daily closes to confirm the trend.
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.
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.