CRYPTOCAP - Time for a correction

2023년 1월 15일

Hello everyone,

Crypto markets have recovered large portions of losses made since early Nov. BTC is trading above the 200D SMA, along with the crypto market cap, indicating a bullish sentiment. I don't think it's time to FOMO yet though. Despite BTC making somewhat of a higher high on longer TF, the total crypto market has yet to follow, indicating weakness.

A view from a lower time frame, the total crypto market cap has rejected 950B resistance zone. Current formation seems to be a descending triangle, indicating the build up of short interest at this key zone. The local support zone is 920, 200 D SMA (900), and 100 D SMA (835).

Let me know what you think.

2023년 1월 16일

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2023년 1월 16일

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2023년 1월 16일

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LQ support was tested, looks like it bounced (624)

2023년 1월 16일

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Doesn't look finished yet, price rejected resistance level UT.

2023년 1월 17일

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And, it hit.

2023년 1월 17일

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So far so good, but if range becomes support, we may consolidate here and invalidate this theory.

2023년 1월 17일

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Support broke, correction inbound.

2023년 1월 18일

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Like clockwork (IDK why tradingview decided to delete my price path schematic but oh well)

2023년 1월 19일

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Looks like were almost ready to break 200 D MA (905), and test the longer term trendline support.

2023년 1월 19일

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