Today, we have the highest , bear /red, since February 2021.
Yesterday, TOTAL close below EMA10 and EMA21 with EMA50 being tested today.
We have cross on the and the is dropping...
The whole cryptocurrency market capitalization is going lower. Not nice.
From 2.072 T to 1.767 T soon.
After this level is hit which also coincides with EMA100, we will know what might come next.
Lower or bounce back up?
I like to believe that it will bounce but I don't know... For now, the whole market capitalization is about to drop.
Conditions for change
We would need to see TOTAL move and close above EMA21 in the least for the bulls to be able to consolidate and recuperate, not very likely at this point.
Corrections are part of the market...
In April, we had 9 days of correction.
In March, we had 6 days.
In May, we have 2 days so far including today... It can go for much longer or it can reverse right away... But the signals are pointing lower...
What's your take?
Leave a comment in the section below.
How long will this market correction last?
For a few days?
Share with us.
New chart analysis needed to determine the next target.
Thanks for the amazing support.
It will bounce up, but first a drop.
Note: This is just my view of the chart currently and it can always change.
Not financial advice.
Do your own research.
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Closing below EMA10 and EMA21 is another bearish signal.
Highs volume bar 13-May, bear/red, another bearish signal.
The bearish divergence with the indicators, MACD and RSI, another bearish signal.
The RSI going below EMA50, another bearish signal.
And there are many more.
It will drop to maybe around 800-900B and then a bounce...
But the signals are not as clear and as strong as it was then I shared this post.