Total Crypto Market Cap Weekly analysis
Now lets talk about this TOTAL CRYPTO MARKET CAP this is good to watch on weekly TF/Time Frame this is really a good chart that not everyone has seen i think most people i think probably havent seen this chart
what is this?
it is Calculation of all the value of cryptocurrency added together into one chart it normally resembles bitcoin very closely this chart is better predictor than BTC itself not always but most of the time better analysis can be made on this chart rather than just BTC chart.
Right here is 2018's High of Total Market Cap 761 Billion above this green line what happen is the market is in explosive parabolic rally sellers and profit takers came in thats why we it got rejected to the 761 Billion Price point.
We can see here that after it went up to 761 Billion it got Rejected and started to creat a series a Lower High's and Lower Low's
It consolidates for almost 900 days before making another parabolic move, indicating another bull market, which means that money flow and investors are returning to the market
as we can see here, the price broke out to the upside on December 28, 2020. Many investors have entered the market, most of them are full of hope and joy.
for over 133 days the market has been moving steadily upwards, so most traders seeing BTC rise above 100k is a truly unrealistic target
on May 10, 2021, the total market capitalization of cryptocurrencies peaked at 2.577 trillion before falling nearly 57% and destroying investors' hopes
as we can see here, the Real Pump starts on June 21, 2021, and ends in November 2021, when it reaches its final peak of 3.009 trillion market cap
At the time of writing, we see that the entire crypto market cap is at the 2018 breakout point and according to the rules of Price Action,Supports gets weakened when it tested multiple times.
if we ever see a Breakdown from this range, I expect the BTC price to drop below $13,800, but that is good for the overall market because we need to see a lower level for BTC to make another high in the next bull cycle.
"Cryptocurrency trading carries significant risk and may result in the complete loss of your investment. It is important to conduct thorough research and consult with a licensed financial advisor before making any investment decisions."
Reminder: the trend is your friend.
Don't have a good day have a great day.
Blog Author: John Daele Bandilla
Julie Yang @July 1 year ago I just read your latest blog post and I have to say, it was absolutely fantastic! Your writing style is engaging and your insights are incredibly valuable. I especially appreciated the way you were able to connect the concepts to real market examples. Keep up the great work!
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