KEY LEVEL TO WATCH: TOTAL2 Macro

I previously estimated where altcoins might find support, and I was right... for a few weeks.... but we didn't get a serious relief rally before losing that level.
Contagion has spread and 2 more giga-firms Celsius and 3AC may be insolvent / forced sellers....

And now we are a 7% drop away from a potentially very significant level...

It's the 200SMA on the 1W timeframe (yellow line). We haven't come anywhere near it since pre-bull run. Before that, it never exactly offered rock-solid support, but it did act as a magnet for price action during the previous bear cycle.
When it was broken previously, the Total market cap of altcoins went down another 45% before being drawn back up to it and didn't stray too far in either direction until blasting off this previous bull cycle.

I'm posting these quickly so I'm sorry if some of my numbers are off, but you get the idea. It's a point of interest. If we lose it, expect more downside, but THAT will be when it's time to really pay attention and watch for a potential bottom / rally back for a bearish retest of it.

THINK HAPPY TRADES
THINK HAPPY TRADES

CD

Comment:

Nailed this. Check out the update: