#CryptoMarketCap Analysis #Crypto $BTC

Traders and Investors, Let's talk about the crypto market. There has been a lot of discussion lately about each and every little move that Bitcoin makes. A little move up sends bullish sentiments and over-the-moon projections across social media. Whereas a downward move creates despair. 🙂 This has been going on for weeks and months.

So let's see what has been happening to the crypto market overall.


1. Crypto market capitalization reached an all-time high of approximately around 3 Trillion

2. As with all hype, what goes up must come down, it took a massive correction finally.

3. This created a major M pattern on the weekly/monthly time frames which is quite evident. In fact, there are 2 M patterns.

4. Once the M pattern completes, the market goes up so it started bouncing up.

5. It reached its one target exactly at 23.6 Fibonacci

6. It then took a correction again from there which was quite understandable and expected

7. Now this is simply consolidating in a range which has its mid-set at 1 Trillion market cap. This can keep going on for a long time and is a common behaviour after a huge move followed by a 23.6 correction.


So what is next?

1. There will be a breakout from this range at some point.

2. But usually it first creates a major trap on one side and then goes to the other.

3. So wait for a move which will make nearly everyone think in one direction. This will create a major bias (general consensus) 🙂

4. Start thinking in the opposite direction unless you get a piece of solid evidence or confirmation to follow the general consensus. Remember a market can do anything. If BTC could go from 3500 to 67000 in a matter of weeks and if USOIL can go to zero then anything can happen in a market.

5. The upper breakout can take it to 1.6 market cap level

6. Lower breakout can take it to 500 billion market cap.



Our bias: (Not advice or recommendation)

1. Wait for a general consensus to build up and go against it on confirmation

2. Downside is more likely at the moment but we will have to wait for further evidence.


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2. Never trade without a confirmation
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-Vik

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📌 DISCLAIMER
The content of this analysis is subject to change at any time without notice and is provided for the sole purpose of education only.
Not financial advice or signal. Please make your own independent investment decisions.
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