So far the total cryptomarketcap has been revealing the future to us. Refer to our previous post when we mentioned we perfectly retest the $3T level as new support:
Now all these trendlines can give us clear signals on market direction.
The first trendline is our green trendline (lower support band). When the market collapsed and wicked to the $3T level (yellow line) the total market cap instantly recovered to close the daily candle body above the green trendline. This was the first major bullish reversal signal for the crypto market.
Now we are actively watching our white trendline (Middle S/R band). This trendline has acted as a support/resistance level for the total crypto market cap. At first the bulls held it as support (green arrows), but then we broke below and the bears were able to create tops at that trendline (red arrows). Currently, marketcap is still below meaning it could act as a resistance level. If marketcap can break above and flip it into a support level again then we will go much higher.
The next level we could watch for is the red trendline (upper band). This only has two touchpoints so far so it cannot be considered a valid trendline, but if we see marketcap start to play with it once we get close that is where your eyes should be.
Now all these trendlines can give us clear signals on market direction.
The first trendline is our green trendline (lower support band). When the market collapsed and wicked to the $3T level (yellow line) the total market cap instantly recovered to close the daily candle body above the green trendline. This was the first major bullish reversal signal for the crypto market.
Now we are actively watching our white trendline (Middle S/R band). This trendline has acted as a support/resistance level for the total crypto market cap. At first the bulls held it as support (green arrows), but then we broke below and the bears were able to create tops at that trendline (red arrows). Currently, marketcap is still below meaning it could act as a resistance level. If marketcap can break above and flip it into a support level again then we will go much higher.
The next level we could watch for is the red trendline (upper band). This only has two touchpoints so far so it cannot be considered a valid trendline, but if we see marketcap start to play with it once we get close that is where your eyes should be.
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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.