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Home»Bitcoin»Total Crypto Market Cap Meltdown
Bitcoin

Total Crypto Market Cap Meltdown

2022-10-16No Comments3 Mins Read
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On this episode of NewsBTC’s daily technical analysis videos, we’re trying on the whole cryptocurrency market cap with Bitcoin being so boring. We additionally examine previous crypto winters to see when the deep freeze may finish.

Check out the video under:

VIDEO: Complete Crypto Market Cap Evaluation (TOTAL): October 12, 2022

There isn’t all that a lot new to report. Bitcoin and different cryptocurrencies proceed to maneuver largely sideways, because the market awaits the CPI information launch tomorrow at 8:30AM ET.

Why Crypto Winter 2022 Resembles 2015 Bear Market

Very similar to Bitcoin, there’s a sluggish transferring showdown to realize management over each day momentum, in accordance with the LMACD. On weekly timeframes, Bitcoin solely simply turned bullish final week, whereas the entire crypto market cap has been bullish for a number of months now.

Evaluating the LMACD throughout previous bear market bottoms reveals that the indicator is behaving extra equally to the 2014 and 2015 bear market backside. In 2018 and 2019, worth motion turned up sharply as a substitute and the indicator adopted.

 

TOTAL_2022-10-12_17-20-07

Sideways momentum might imply many extra months of ache | Supply: TOTAL on TradingView.com

Complete Cryptocurrency Fractal Exhibits Potential Worth Motion Preview

The worth motion in every drawn field is eerily comparable. Taking the bars sample to position a fractal over present worth motion, the setup is virtually the identical. If the entire crypto market follows an identical trajectory, a powerful breakout try will finally fail and result in a double backside formation.

For the reason that fractal tasks worth motion ahead, turning on the Ichimoku indicator which additionally appears to be like into the longer term, is forecasting potential resistance proper the place the fractal would work together.

See also  How miner revenues are shaping Bitcoin's July prospects

TOTAL_2022-10-12_17-21-23

Will The Downtrend Come To A Conclusion This Week?

Nonetheless, there isn’t a telling if that is certainly the underside in cryptocurrencies, nor does anybody know if the market will behave just like the final two bottoms. If not, and crypto continues down, the transfer might begin this week.

The TD Sequential market timing software has triggered a TD9 purchase setup. Nonetheless, the collection is perfected solely when the 9 candle makes a decrease low. Word how previous 9 candles on the best way down lit up purple and resulted in a deep transfer down. Whereas that is potential, the TD9 setup can also be a potential turning level the place bulls might regain management.

TOTAL_2022-10-12_17-16-50

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