TOTALMARKETCAP (Y24.P1.E1) At strong resistance

Based on fib channel and standard fibonacci, the Total market cap is at strong resistance and this could be a short term corrective wave (elliot 5 count formation). This also would align well with the BARR structure for a continuation pattern.

There is also the bearish scenario but its hard to see that coming with the SPOT ETF approval. Usually I would think based on BTC hitting the 618 fib, that we repeat something like 2018, to 2019 but the expectations on the SPOT ETF makes it hard.

Time will let us know and this one is not easy and will not get easy anymore.

Onchain data tells us that the BTC is in short supply.


All the best,

S.SAri