Bitcoin looks to be trading on shaky ground going into the April monthly close, with the threat of a much deeper price pullback a strong possibility.

One of the things I first learned when trading Bitcoin was to look for clues of possible price moves by examining the Crypto Total Market Cap chart and indeed anything alluding to a pending move in altcoins.
Source: Tradingview.com

 Looking at the total Market Cap chart and the most obvious observation on the daily chart is the bearish triangle pattern breakout has held true over recent weeks.

According to this very apparent downward triangle breakout on the chart the broader crypto market could be in for much more downside over the coming days and weeks.
Source: Tradingview.com

The overall target of the bearish triangle breakout is $1.6 trillion, meaning that a further $500 billion of downside could be coming.

It is also noteworthy that bearish Momentum divergence also extends down towards the $1.6 trillion to add further weight to this theory.'
Source: Tradingview.com

And to conclude discussing the Crypto Total Market Cap we need to discuss the recent change on Biyond Vanguard on the weekly time frame.

Just recently, we have added Biyond Vanguard indicator to Tradingview for subscribers, and THIS means that Vanguard CAN be attached to many different cryptos and asset classes.

Aside from this new exciting development itself, the broader point is that the Crypto Total Market Cap is close to turning bearish on the weekly time frame for the first-time since October 2023.
Source: Tradingview.com

This bearish signal could have some major implications next week, and could mean that bearish momentum will start to pick up.

Without exception, once a Red candle has been generated other red candles follow so this is a very ominous sign.

Santiment's CEO Maksim Balashevich has stressed caution for Bitcoin investors post-halving and that crypto whales often start selling early, while smaller holders buy or hold. 
Source: Santiment.net

Balashevich also suggests that the cryptocurrency market may well be gearing up to resume the bull trend for the next 12-months after the latest correction ends.

His analysis aligns very well with Biyond Vanguard and also the triangle breakout for the Crypto Total Market Cap.

I'd suggest being very selective and careful when buying Bitcoin and other cryptos in the coming week or weeks, just incase a much-larger drop is iabout to unfold.

#TOTALMARKETCAP #VanguardCrypto #santiment

This week I am going to be looking at potential correction areas for a selection cryptocurrencies that I have a personal interest in, and especially from the point of view of medium to long-term signal issuance for Biyond.

As everyone is now aware the Israel Vs Iran situation has the possibility to cause risk-on asset classes to correct even lower next week and maybe even over an extended period.

The Ukraine war saw a short-lived crypto correction and then a rally in crypto. Not to say this will happen again, but will of course depend upon the escalation or de-escalation of events in the Middle-East.

Technically, the first and most obvious thing to note is that Bitcoin is undoubtedly trading within a large symmetrical triangle pattern on the higher time frames.

Triangle pattern breakouts can be tricky, but let's go back to text-book theory for clues as to exactly how far the potential downside breakout to spill over for BTC.

Text-book theory suggests that "Once a breakout occurs, traders can estimate the price target by measuring the widest part of the triangle and projecting that distance from the breakout point. "

Ok, so measuring the current triangle pattern and we can see the widest part of the triangle extends to  $58,000 up to $73,800.

Therefore, and if the target of the triangle pattern is correct we could see a coming drop to around $44,000. 

Extremely interesting that this is close to the 50 percent Fibonacci retracement of the ATH to the previous bear cycle low. 

Almost certainly I would be looking to initiate medium and long-term positions here, targeting levels which I will discuss in my daily email if the expected scenario unfolds.

Now we come to Ethereum, a coin that looks particularly soft right now and is being hit by a triple whammy of bearish catalysts.

ETH ETF jitters, technical softness, and of course ETH losing Wall Street the institutional investment battle to Bitcoin right now.

Technically, Ethereum finds itself in a similar position to BTC in that it is trapped inside a triangle pattern, however, the triangle patterns are different.

ETH is trapped inside a descending triangle pattern. which is a decidedly bearish pattern, whereas symmetrical patterns are more bullish and usually hint at being continuation patterns.

After a breakout from a descending triangle, the target price is calculated by measuring the widest distance of the pattern and subtracting it from the breakout point at the resistance line.

With this in mind, so we are basically looking at  $3,000 to $4000, meaning we could expect a pending drop to $2,000 for ETH if that target unfolds.

Stay tuned for upcoming BTC and ETH signals. Next week I will be looking at XRP and LINK in-depth. Two coins that I feel are going to be strong buys on the next significant pullback.

#BitcoinAnalysis #EthereumAnalysis #CryptoAnalysis📈📉🐋📅🚀