Crypto Total Market Cap Excluding BTC AnalysisHey guys this is my second post, just wanted to share some ideas about the previous market cycle on the HTFs and how it feels quite similar to the one we are in.
As can be seen the first red horizontal line shows the market being disrespected by the 21 Week EMA (candles can be seen closing above 21 but there isn't enough strength to flip the sentiment).
That is until market breaks above the 21 and retests it (red arrow pointing at retest point) showing there is strength to allow a continuation and market is respecting the 21.
Consolidation can be seen indicating a slight cool off of the market before making another run up.
The first red flag that confirms that market sentiment has shifted is where the 21 is broken where a fake-out then occurs indicating market is being disrespected by the 21
Another important oscillator to watch is the RSI, you can see RSI made a double top pattern from where the consolidation period started to where the market top was reached indicating a reversal was imminent.
So far the market has generally played out quite similarly to the last cycle, its just the macro scale seems different than previously
What Im really eager to see is a consolidation zone retesting the 21 before another leg up (similar to the 1st highlighted white box). This would then be a good time to fill up some bags possibly
These are just my thoughts and observations, who knows how the market will play out, but history always repeats itself, thats for sure.
Thanks for reading peeps
