Deeper look into the Total Crypto Market Cap (5D)
On the 5 Day, we have retested the area which the 200 and 50 EMAs cross, which I have found throughout my time in charts to ALWAYS be a very important area for price to move after the initial cross occurs, and then gives it its move. It has now Double Topped potentially at that level as well, with the potential technical target being potentially a double bottom or new low. I have seen in many cases, however, when the candles retest areas where the Significant Period EMAs have crossed previously, it is usually ALSO a very important fibonacci retracement level. In most cases, the 200 and 5o EMA cross (death/golden cross) results in price retesting this level again after the initial impulse has been complete. This results in generally a golden pocket or .786 retracement. I will be watching for either:
1: Price to come down to the 50 EMA and bounce,
2. Price to show signs of weakness continuing on the daily 200 EMA,
3. Price to get an ambitious move up to establish that EMA Cross as a new support.
The most entertaining outcome is probably the most likely. The most entertaining for me would be a double top to about 700B but I believe we have put in the cycle bottom, and even if we did come all the way down, it would still need to crack ALL of those levels. I think a rational target would be the neckline of the double top.
1: Price to come down to the 50 EMA and bounce,
2. Price to show signs of weakness continuing on the daily 200 EMA,
3. Price to get an ambitious move up to establish that EMA Cross as a new support.
The most entertaining outcome is probably the most likely. The most entertaining for me would be a double top to about 700B but I believe we have put in the cycle bottom, and even if we did come all the way down, it would still need to crack ALL of those levels. I think a rational target would be the neckline of the double top.