A Very Important Test (TOTAL Crypto market Cap)
For some reason, I can't get TradingView to hide my lines on the charts above when I publish, so I'll just share a screenshot here:
It's been a while since I posted one of these. As I mentioned in my recent post, how Bitcoin reacts as it approaches the 50 week MA should be very telling. As I look at TOTAL (the total cryptocurrency market cap), it seems to be already VERY close to testing the 50 week MA (red on the righthand chart) and the 9 week EMA (orange). On the lefthand chart, you can also see that TOTAL is close to touching the 9 month EMA. This is generally a good indicator of bullish or bearish momentum on longer timeframes. At least, this has been the case so far in the history of crypto. Without getting into my philosophical opinions on the market, this is just where we are from a technical standpoint. I would not be surprised at all to see prices get heavily rejected very soon and head back to the lows. Altcoins like XRP and LTC are moving up quite heavily, and these often make their biggest moves before Bitcoin drops.
On the bullish side, if TOTAL can break above the pending 9/50 MA cross on the weekly and hold those Moving Averages as support, I think it'll be more likely that the bottom is in. Looking back at 2018, you can see why I'm feeling cautious about this rally. Many others feel the same, which is why maybe this time, it won't play out that way.
This is not meant as financial advice. This is meant for speculation and entertainment only.
-Victor Cobra
It's been a while since I posted one of these. As I mentioned in my recent post, how Bitcoin reacts as it approaches the 50 week MA should be very telling. As I look at TOTAL (the total cryptocurrency market cap), it seems to be already VERY close to testing the 50 week MA (red on the righthand chart) and the 9 week EMA (orange). On the lefthand chart, you can also see that TOTAL is close to touching the 9 month EMA. This is generally a good indicator of bullish or bearish momentum on longer timeframes. At least, this has been the case so far in the history of crypto. Without getting into my philosophical opinions on the market, this is just where we are from a technical standpoint. I would not be surprised at all to see prices get heavily rejected very soon and head back to the lows. Altcoins like XRP and LTC are moving up quite heavily, and these often make their biggest moves before Bitcoin drops.
On the bullish side, if TOTAL can break above the pending 9/50 MA cross on the weekly and hold those Moving Averages as support, I think it'll be more likely that the bottom is in. Looking back at 2018, you can see why I'm feeling cautious about this rally. Many others feel the same, which is why maybe this time, it won't play out that way.
This is not meant as financial advice. This is meant for speculation and entertainment only.
-Victor Cobra
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