Altcoin Total Market Cap BEARISH Analysis
Currently I'm quite bearish on the overall crypto market for the next couple months.
This is a bearish analysis on where the altcoin total market cap could go.
The altcoin market cap was in a Head & Shoulders pattern not too long ago, and we recently broke out of the neckline pushing price to the downside. Price then wicked down to $588B, bounced off that level and closed above the 200 Day Moving Average around $650B.
Price then continued to bounce up to re-test the broken H&S neckline to about $800B, now we're currently rejecting that $800B neckline level.
As you can see in the chart, during its re-test of the broken neckline, price has formed a rising wedge pattern on the Daily timeframe which is a bearish signal. This wedge has already broken but it doesn't seem like there's enough volatility or volume for us to see any major moves to the downside, it may be a slow selloff like we've seen in the 2018 months.
This is a bearish analysis on where the altcoin total market cap could go.
The altcoin market cap was in a Head & Shoulders pattern not too long ago, and we recently broke out of the neckline pushing price to the downside. Price then wicked down to $588B, bounced off that level and closed above the 200 Day Moving Average around $650B.
Price then continued to bounce up to re-test the broken H&S neckline to about $800B, now we're currently rejecting that $800B neckline level.
As you can see in the chart, during its re-test of the broken neckline, price has formed a rising wedge pattern on the Daily timeframe which is a bearish signal. This wedge has already broken but it doesn't seem like there's enough volatility or volume for us to see any major moves to the downside, it may be a slow selloff like we've seen in the 2018 months.