TOTAL Crypto MCap - Many Bearish Confluences
The TOTAL crypto market cap chart is showing very heavy resistance from multiple indicators and trendlines. The bottom may be in for crypto, but since this is the first back test of a S/R flip, that would mean a correction to retest support before moving up is most likely.
Bearish Confluences:
My prediction is we see a confirmed rejection here and retrace and revisit the lows at 850B, where we have 200 Weekly Support and is also the target of the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
Bearish Confluences:
- 1 year long diagonal trendline
- 24 EMA on Weekly
- Weekly RSI downtrend
- Horizontal S/R flip
- Previous S/R flip
- Inverse Cup & Handle
- Bounce resistance plotter
- Daily overbought
- Rising wedge on daily
My prediction is we see a confirmed rejection here and retrace and revisit the lows at 850B, where we have 200 Weekly Support and is also the target of the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
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