Is the market top in? This next move in the market will certainly convince the crypto folks that it is.
According to social media, Youtube influencers etc.. the bull run is just beginning.
That is in despite of a swathe of News article headlines “Bitcoin reaches new all time high 100k” and the janitor I have not spoken to in 10 years asking me if I'm buying Bitcoin.
The signs are there.
On the above 6 day chart, the TOTAL crypto market capitalisation, currently 3.57 trillion dollars price action has risen 46% since the November breakout. A number of reasons now exist for a bearish outlook:
1) Price action and RSI support breakdowns. Indeed the November breakouts requires confirmation of support on past resistance to allow for continuation. That's a long way down.
2) Support is exactly $1 trillion below at $2.57 trillion.
3) Price action is at a significant Fibonacci extension, look left.
4) This signal is found across the entire crypto market on both 6 day and weekly charts, in other words there is confluence across timeframes. That is important.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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