Is the FALL in CRYPTO TOTAL MARKET CAP OVER??
We just got the hit on the lower red dashed up channel line that we were expecting, which if you believe in channels like I do, this the first indication that a bottom may be or soon be in.
But it's only one indicator. There are still many negative signs that more lows could be in store, such as:
Price is still below all MAs.
The 20ma had crossed below the 200ma line and the 50ma is about to.
RSI is at its lowest since Mar 2021 with no indication yet of moving up.
I've added a new orange support line below current price as an area where another fall may be stopped.
I've added a new BIG RESISTANCE line overhear that connects all the top pivots since the All Time High (ATH)
This will serve as huge resistance once trading gets up to/over to it.
It could knock price back down significantly to even set a new low.
So I'm not going to be "all in" until it clears it and is confirmed.
Thank you for all the likes and comments!
I enjoy doing this and hope you find it useful!
But it's only one indicator. There are still many negative signs that more lows could be in store, such as:
Price is still below all MAs.
The 20ma had crossed below the 200ma line and the 50ma is about to.
RSI is at its lowest since Mar 2021 with no indication yet of moving up.
I've added a new orange support line below current price as an area where another fall may be stopped.
I've added a new BIG RESISTANCE line overhear that connects all the top pivots since the All Time High (ATH)
This will serve as huge resistance once trading gets up to/over to it.
It could knock price back down significantly to even set a new low.
So I'm not going to be "all in" until it clears it and is confirmed.
Thank you for all the likes and comments!
I enjoy doing this and hope you find it useful!
