The total market 270B Breaks Important Resistance. What does that mean?
The price of Bitcoin is undecided, but the total market and volume may give us some clues.
Today you will analyze 2 charts, one of the total market and the other of the total market excluding Bitcoin (Alcoins)
Let's see
Total Crypto Market excludes Bitcoin
As we see in this graph that I analyzed months ago, I had identified a large triangle and we saw that the volume moved by the same
Today we see that the upper line of the triangle has broken which is a good sign for the alcoins.
The volume of the total market excluding bitcoin should continue to increase in the coming days and remain above the resistance line, becoming support
Today we are at 97B dollars, we should see the next few days that the volume continues to increase, strengthening the upward movement. Next target to reach 116B dollars.
Crypto Total Market
Last months
As we see in the graph, the total volume of the market continues to increase in recent months, but in recent weeks, it has decreased due to profit taking.
This indicates that there is a money inflow, in previous months, that is making investments in Bitcoin and Alcoins.
Last days
We also see that the bullish trend line has been maintained and has brought the volume up to 271B, which could indicate that investments in bitcoin have been resumed but more in the Alcoins in recent days.
Total market volume is above the 21-period MA average lines and the 50-period daily chart.
Exceeding the 50-period MA midline quickly, after losing it, is a good sign.
Elliot 5 Wave Cycle
We see that a 5 wave cycle has ended and should correct the volume of the total market.
For now it has corrected a 0.236 fibonacci extension, if the price reaches 289B it could form a double ceiling. And we would have to wait for the decision to take bitcoin
Conclusion
The Bitcoin domain is consolidating and is showing a recovery, which could indicate the beginning of a bullish cycle (see publication), while the total market volume has decreased in the weekly analysis and has increased in recent days. which means that the investments, withdrawn previous weeks, have bought alcoins in the last days, part of the investments is destined to invest in bitcoin and alcoins
But be careful.
Bitcon's dominance is key, in the face of a rapid rise in Bitcoin's price can trigger a rise in dominance and lower the price of alcoins (investors take liquidity from alcoins to increase Bitcoin's price).
As long as Bitcoin moderately raises its price, it could allow good project alcoins to continue recovering their value.
We are in key days of a definition of the price of bitcoin, they are key days, we must be attentive to these charts.
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
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