CRYPTOCAP - Time for a correction

15 янв. 2023 г.

Hello everyone,

Crypto markets have recovered large portions of losses made since early Nov. BTC is trading above the 200D SMA, along with the crypto market cap, indicating a bullish sentiment. I don't think it's time to FOMO yet though. Despite BTC making somewhat of a higher high on longer TF, the total crypto market has yet to follow, indicating weakness.

A view from a lower time frame, the total crypto market cap has rejected 950B resistance zone. Current formation seems to be a descending triangle, indicating the build up of short interest at this key zone. The local support zone is 920, 200 D SMA (900), and 100 D SMA (835).

Let me know what you think.

16 янв. 2023 г.

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16 янв. 2023 г.

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16 янв. 2023 г.

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LQ support was tested, looks like it bounced (624)

16 янв. 2023 г.

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Doesn't look finished yet, price rejected resistance level UT.

17 янв. 2023 г.

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And, it hit.

17 янв. 2023 г.

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So far so good, but if range becomes support, we may consolidate here and invalidate this theory.

17 янв. 2023 г.

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Support broke, correction inbound.

18 янв. 2023 г.

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Like clockwork (IDK why tradingview decided to delete my price path schematic but oh well)

19 янв. 2023 г.

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Looks like were almost ready to break 200 D MA (905), and test the longer term trendline support.

19 янв. 2023 г.

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