Here is an update to our last post (highly recommend reviewing as market structure how played out very well with these levels).
Just to review. Total marketcap was able to bounce from our green line. Then once we hit resistance again, we broke the green line and fell down to our yellow line ($3 Trillion level).
We were supported there until we ended up double topping (in the short term) around $3.24T. Yesterday, Total printed a daily doji to reverse the market and send it back down. Now we have seen over $200 Billion erased from total since that daily doji.
Now let's take a look on where we are at and see what's next. To be honest we printed a terrible daily candle. We closed at the lowest level since mid November 2024.
This means you need to pay attention to two levels. We closed today at $2.92T. Since we closed below our upper levels could act as new resistance. The first level would be our psychological $3T level and the second level is our purple line (where most daily candles closed) around $3.06-$3.08T. If we can start closing daily candles back above $3.1T then the short term momentum have flipped back bullish.
Worst case scenario, if those levels above are acting as resistance we could see a drop as low as $2.7T. This would be flipping our market high in March of 2024 that acted as a top into a new level of support to try to bounce from.
Just to review. Total marketcap was able to bounce from our green line. Then once we hit resistance again, we broke the green line and fell down to our yellow line ($3 Trillion level).
We were supported there until we ended up double topping (in the short term) around $3.24T. Yesterday, Total printed a daily doji to reverse the market and send it back down. Now we have seen over $200 Billion erased from total since that daily doji.
Now let's take a look on where we are at and see what's next. To be honest we printed a terrible daily candle. We closed at the lowest level since mid November 2024.
This means you need to pay attention to two levels. We closed today at $2.92T. Since we closed below our upper levels could act as new resistance. The first level would be our psychological $3T level and the second level is our purple line (where most daily candles closed) around $3.06-$3.08T. If we can start closing daily candles back above $3.1T then the short term momentum have flipped back bullish.
Worst case scenario, if those levels above are acting as resistance we could see a drop as low as $2.7T. This would be flipping our market high in March of 2024 that acted as a top into a new level of support to try to bounce from.
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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.