Crypto has been molasses ever since the drop from $65k (btc), and we’ve been hovering in strong support (as shown from the volume trend line). However, I am still expecting (with hesitancy) one more drop to the 50 WMA at the least (the green line). What is giving me pause on this is the fact that everyone and their brother is expecting the same thing. Over the years, I have become very contrarian to the public’s view on certain matters, such as when I sold my DOGEUSD at $0.7 because everyone was saying $1 (now $0.33). What could give us a more clear view? The total market cap:
Total market cap
The TOTAL and TOTAL2 are the combinations of all crypto together (TOTAL ) and total combination excluding btc (TOTAL2). As you can see, TOTAL is staying above the 200 DMA, a strong sign of strength. If it is to break, its possible for it go to the 50 WMA, a significant drop.
However, TOTAL2 is much weaker, and I am expecting it to at least touch the 200 DMA. Until then, I will continue to hold my DOGE shorts (up 10% so far) and then long into this next bull run. If the 200 DMA fails, then it will go to the 50 WMA and the strong trendline in black. Both RSI and bresserts are also stating that the door for this interpretation is open, as well. I expect this play to last into the rest of this month (both shorting and longing (eventually).
Patience is key
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Total market cap
The TOTAL and TOTAL2 are the combinations of all crypto together (TOTAL ) and total combination excluding btc (TOTAL2). As you can see, TOTAL is staying above the 200 DMA, a strong sign of strength. If it is to break, its possible for it go to the 50 WMA, a significant drop.
However, TOTAL2 is much weaker, and I am expecting it to at least touch the 200 DMA. Until then, I will continue to hold my DOGE shorts (up 10% so far) and then long into this next bull run. If the 200 DMA fails, then it will go to the 50 WMA and the strong trendline in black. Both RSI and bresserts are also stating that the door for this interpretation is open, as well. I expect this play to last into the rest of this month (both shorting and longing (eventually).
Patience is key
Follow my free blog for more edu - BitDaddy.io
