Crypto Total Market Cap - Daily Chart Analysis (DCA)
Updated
Hello and thank you for taking the time to read my post. Today, we analyze the Crypto Total Market Cap chart on the daily scale, which represents the combined capitalization of the entire cryptocurrency market. This chart often provides clearer and more reliable signals, possibly due to the fact that it cannot be traded directly. As we delve into the classic price patterns present on this chart, make sure to get comfortable and follow along as we progress from left to right, examining the most recent price patterns.
Analysis:
Starting with a 245-day descending triangle, we can see that it has already broken out. The breakout target is illustrated on the chart and is still in progress. Within this ascending triangle, we witnessed a few smaller price patterns, such as a bearish continuation pattern in the form of a descending triangle and a bullish reversal pattern as a rectangle, which led to the breakout. Since then, an uptrend has emerged, and the price has successfully surpassed the 200 EMA and maintained its position above it.
Currently, we're observing the latest price pattern, a head and shoulders formation. Given its position, it appears to be a continuation pattern, as it's neither at the top nor the bottom. At 47 days old, it's possible that the right shoulder is still forming. The price is holding remarkably well above the neckline, indicating strong support at this level. While we cannot predict the direction of the breakout, the stronger the support, the higher the likelihood of a bullish continuation.
Conclusion:
This leads us to our price target. To determine this, we take the height of the price pattern and add it to the potential breakout point of the right shoulder. The resulting target can be seen on the chart. If this scenario plays out, we can anticipate a higher market capitalization for the entire crypto market, which is a positive development for the industry.
In conclusion, the Crypto Total Market Cap daily chart presents various classic price patterns that can provide valuable insights for traders and investors. Monitoring these patterns and the overall market trend can help market participants make informed decisions and better prepare for potential price action.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Analysis:
Starting with a 245-day descending triangle, we can see that it has already broken out. The breakout target is illustrated on the chart and is still in progress. Within this ascending triangle, we witnessed a few smaller price patterns, such as a bearish continuation pattern in the form of a descending triangle and a bullish reversal pattern as a rectangle, which led to the breakout. Since then, an uptrend has emerged, and the price has successfully surpassed the 200 EMA and maintained its position above it.
Currently, we're observing the latest price pattern, a head and shoulders formation. Given its position, it appears to be a continuation pattern, as it's neither at the top nor the bottom. At 47 days old, it's possible that the right shoulder is still forming. The price is holding remarkably well above the neckline, indicating strong support at this level. While we cannot predict the direction of the breakout, the stronger the support, the higher the likelihood of a bullish continuation.
Conclusion:
This leads us to our price target. To determine this, we take the height of the price pattern and add it to the potential breakout point of the right shoulder. The resulting target can be seen on the chart. If this scenario plays out, we can anticipate a higher market capitalization for the entire crypto market, which is a positive development for the industry.
In conclusion, the Crypto Total Market Cap daily chart presents various classic price patterns that can provide valuable insights for traders and investors. Monitoring these patterns and the overall market trend can help market participants make informed decisions and better prepare for potential price action.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Note
* Within this descending trianle. Writing error. Im sorry!
KSC
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