$TOTAL Altcoin market cap really not looking as bad here but at a key level.

The recent flush lower definitely killed the lower timeframe momentum, but looking where this came from earlier this month, we're still on track to make a decent higher low around this area.

The real test will be whether this can break back above last week's highs which would also need $BTC to trade back above $65K again.

In my opinion, that would signal a larger timeframe reversal and likely an attempt for BTC to leave the range or at the very least test 70K+ again.

For now we're in the middle of it all, a 10% candle lower and everything looks awful. A 10% candle higher and things are looking great. It can really be that simple sometimes and that's why it's best to wait for more clarity.