ALT MKT CAP LOSING CRITICAL STRUCTURE
I don't see much strength in the TOTAL2 marketcap as it lost a critical structure on the Weekly.
Bullish Scenario
I will need to see some sort of strength in the alt market cap by reclaiming the ascending triangle with a close above the zone.
Bearish Scenario
I think it is very possible that we hit 37.5 marketcap and if we hit this level, I will look for longs around this area for majors like ETH, BCH, ADA, LINK, TEZOS, MONERO, DASH and other real case use alt coins.
Interestingly enough, if we hit that 37.5 B mktcap that would equate to BTC falling to about $5000 dollars which is very close to a critical $4800 support. As of now we remain neutral on bitcoin as it has held well along the 6 year channel so we are seeing conflicting data. Will be interesting to see what happens here. A few scenarios that are possible:
1.lbitcoin consolidates in a range while alts continue to decline (most likely scenario)
2. bitcoin and alt markets both fall (if we lose 6 year channel on bitcoin weekly chart)
3. bitcoin consolidates while alts reclaim ascending triangle and begin relief rally (least like of top 3 options).
4. bitcoin moving up while alts falling is highly unlikely but possible.
Bullish Scenario
I will need to see some sort of strength in the alt market cap by reclaiming the ascending triangle with a close above the zone.
Bearish Scenario
I think it is very possible that we hit 37.5 marketcap and if we hit this level, I will look for longs around this area for majors like ETH, BCH, ADA, LINK, TEZOS, MONERO, DASH and other real case use alt coins.
Interestingly enough, if we hit that 37.5 B mktcap that would equate to BTC falling to about $5000 dollars which is very close to a critical $4800 support. As of now we remain neutral on bitcoin as it has held well along the 6 year channel so we are seeing conflicting data. Will be interesting to see what happens here. A few scenarios that are possible:
1.lbitcoin consolidates in a range while alts continue to decline (most likely scenario)
2. bitcoin and alt markets both fall (if we lose 6 year channel on bitcoin weekly chart)
3. bitcoin consolidates while alts reclaim ascending triangle and begin relief rally (least like of top 3 options).
4. bitcoin moving up while alts falling is highly unlikely but possible.