The total cryptocap’s are in a interesting situation… The Total the Total2 and also the others charts are looking like they are all sitting on major support which could mean we are due for a leg up.
First let’s take a look at the BTC chart.
BTC is in a re-accumulation as we have stated many times, after which should spark the next bull run (the green zone) moving into 2020. Ultimately BTC is still in a symmetric triangle in the macro scheme of things. Remember, the cyan line of support has never been broken in the history of BTC, we could hit that line and still be bullish.
Next let’s look at the Total Cryptocap chart.
The Total Cryptocap is also in a symmetric triangle, of which seems to be sitting at the bottom of it as of now on the weekly chart. This support is hard support. If we break down from here we could see our way back to 91B, bringing us back to the bear market levels of earlier in 2018.
A closer look shows that not only are we on hard support, we are also at the top of a support range that is both support and resistance. From where we are looking now it is support and may prop us up as we float to the end of the triangle where we will go up or down.
Next the Total2 Chart.
The total 2 is also sitting on major support and also sitting on minor support as well. A break up could spark big upside moves.
Zoom in a little for a closer look and we can see we are right there on support.
The Total Others Chart.
The Total Cryptocap Others is also in a symmetric triangle, of which seems to be sitting at the bottom of it as of now on the weekly chart. We could break out of it but the support is hard support at this level. If it broke it could fall to the 7B level. After that 4.2B. It is likely more probable that we move up rather than break down. A break move up would be a good look for the ALT market.
Right now may be a good time to place your bets. However, if you want to play this safe, wait for confirmation and buy in. Again this could break in either direction as symmetrical triangles can break either way. The one thing prompting my bullish sentiment is the fact that the support line we are on has not yet ever broken in BTC’s history. Also keep in mind that we have downside room in the sense that the Total could go down enough to accommodate BTC’s price going to the lower support level at the 5000’s range before bouncing back up too. If this happens the Total chart will likely dip below its support line depending on the flow of ALTs and BTC in and out.
Political tensions seem to be keeping on rising in western nations. Also elections coming closer and closer, this could also fuel a jump in prices with uncertainty in traditional markets and traditional currencies.
Categorised in: Technical Analysis
This post was written by BlockAdvisor