Hello, today I share a detailed analysis for the TOTAL3/BTCUSD chart (market capitalization of altcoins excluding BTC and ETH)! 📊🚀 Vs Bitcoin
Current Price: $10.55M (approx.)
Bullish Confidence: 65% 🟢
1. Market Structure
The monthly chart shows a strong correction from the all-time high at $52M, which led the market to consolidate around the support at $7.9M - $8.0M. Currently, the price is trying to break a Support/Resistance Zone (SR Zone) at $11.5M, which is key to confirming a trend change. 🌱
Trend: Although the macro is still bearish, the formation of higher recent lows indicates accumulation.
2. Key Support and Resistance Zones
Current Support (Base Zone)
$7.9M - $8.0M: This level has acted as solid support multiple times and is the area where buyers have shown strength.
Important Resistances
1. $11.5M (SR Zone): Immediate resistance; if broken, the price could head towards the next targets.
2. $14.5M - $15M (Target 1): Key zone, where significant rejections have historically occurred.
3. $17.5M - $20.5M (Target 2): A strong psychological resistance, close to 50% retracement from highs.
4. $22.69M (Target 3): Likely extension if a sustained bullish rally is maintained.
3. Fibonacci Retracements
Using recent highs and lows:
Level 0.382 at $14.5M: Coincides with Target 1, indicating significant confluence.
Level 0.618 at $20.5M: Reaches Target 2, reinforcing the critical resistance area.
4. Technical Indicators
RSI (Relative Strength): Although not shown here, it is most likely at accumulation levels, between 40-50, supporting a potential bounce.
Volume: Volume appears to have slightly increased in the last candles, suggesting buying interest.
5. Likely Scenarios
Bullish Scenario (Priority) 🟢
If the price breaks the SR Zone at $11.5M, we could see a movement towards:
Target 1: $14.5M.
Target 2: $17.5M - $20.5M.
Target 3: $22.69M, reaching the upper level of this structure.
Bearish Scenario (Alternative) 🔴
If the SR Zone is not broken, we could return to critical support at $7.9M - $8.0M. A breakdown of this zone would lead the market to lower levels near $6.65M - $6.00M.
Personal Strategy
Entry: Above $11.5M (breakout confirmation).
Stop Loss: Below $8.0M (key support).
Take Profit:
TP1: $14.5M.
TP2: $20.5M.
TP3: $22.69M.
The altcoin market seems to be forming a solid base. It is crucial to monitor the breakout of the SR Zone to confirm bullish strength. Stay alert to these key zones! 🔥💹
> This is not financial advice, but a personal analysis.
