The Total Crypto Cap has officially entered a descending wedge pattern after breaking support bearish. So where are we now? Well as per classical TA, this is still a bullish pattern. I believe that the Total Crypto Cap is driving the market but BTC’s price will ultimately follow the Total’s chart. We should see more down side action for now. But ultimately we are in a bullish pattern.
We need to touch the top resistance at least one more time, as its only touched twice on the top and twice on the bottom. We need to build up pressure in this pattern if we are going to continue a leg up. If we can we can see some very good long gains here.
Looking into BTC’s chart. We can see the same pattern. Keeping in mind that we are still in re-accumulation as we have stated in past posts. We are nowhere out of the woods but at the same time we are nowhere near throwing out the towel yet. We have downside room for short term bearish action while building steam to make another leg up past 20K.
As of now we are floating on a support at around 7435
6827 is the next lower support. However we should stay within the descending wedge pattern.
If this plays out the way it should by the odds of the pattern we should start to see some buy pressure building. Keep your eye on it and be ready to long.
So the bad news and the good news.
TLDR; Short term down (possibly until NYE or so but it should not last that long), long term UP.
This post was written by BlockAdvisor