TOTAL Crypto Market Cap nearing bottom
The long-term sharply declining trendline has been broken a few weeks ago. Now we are forming a descending wedge on the weekly chart which has an 80% chance of reversing a trend. A confident upward channel is nearing the upper trendline of the wedge. It may find resistance there and turn back to lower levels. However if it breaks, we have a good chance of reaching the 1.1 - 1.2 Trillion Dollar crypto market cap.
The recent CPI data is making people happy but we need to see more positive fundamental data. Unemployment is still very low, spending is still ongoing at large. A real interest rate-pivot by the FED could mean a sharp return of inflation.
An alternating total value between 750B and 1.2Tr USD could be a realistic screenplay in the coming months. A trader's paradise. :-)
As for HODL strategies, I would still consider this a good level for some DCA. Historically extreme low convergences on the RSI and Stochastic RSI have proven to be good levels to accumulate crypto - BTC mostly as altcoins tend to bleed for a while even after BTC bottoms...
I still believe that visiting the 700B level is not out of the question which could result in BTC finding a new under 15k. The mpst negative possibility in my books is breaking down to a TOTAL crypto market cap of 400B which could take BTC down to somewhere between 10-12k proce range. That would be a great buying opportunity... :-)
The recent CPI data is making people happy but we need to see more positive fundamental data. Unemployment is still very low, spending is still ongoing at large. A real interest rate-pivot by the FED could mean a sharp return of inflation.
An alternating total value between 750B and 1.2Tr USD could be a realistic screenplay in the coming months. A trader's paradise. :-)
As for HODL strategies, I would still consider this a good level for some DCA. Historically extreme low convergences on the RSI and Stochastic RSI have proven to be good levels to accumulate crypto - BTC mostly as altcoins tend to bleed for a while even after BTC bottoms...
I still believe that visiting the 700B level is not out of the question which could result in BTC finding a new under 15k. The mpst negative possibility in my books is breaking down to a TOTAL crypto market cap of 400B which could take BTC down to somewhere between 10-12k proce range. That would be a great buying opportunity... :-)