Total - Preparing for Next Leg?
This is an update to our last post:
We did see the total crypto marketcap make a short term top and fall about 10% or $200 billion. Now we must reexamine the market structure to determine if money is about to flow into this market or continue to flow out.
Right now, based on current market structure it seems more likely for money to flow in and us have another leg to the upside. This is because strength is gaining on the 6H timeframe. We can see this because previously every time we visited the key 3T level (yellow line) the total marketcap continued to close candles below that level showing outflows at 3T. Now we have just seen 2 6 hour candles close above that level and the marketcap is currently respecting that as a new buying liquidity level. We still need more time for this to confirm, but the early signs look promising.
Now let's examine if the marketcap breaks back below 3T and cannot reclaim that level. If that is the case we could see a massive liquidity event that could lead the total market cap as low as 2.5T! Then after retesting that macro resistance level as a new level of support we should have the momentum to break 3T.
We did see the total crypto marketcap make a short term top and fall about 10% or $200 billion. Now we must reexamine the market structure to determine if money is about to flow into this market or continue to flow out.
Right now, based on current market structure it seems more likely for money to flow in and us have another leg to the upside. This is because strength is gaining on the 6H timeframe. We can see this because previously every time we visited the key 3T level (yellow line) the total marketcap continued to close candles below that level showing outflows at 3T. Now we have just seen 2 6 hour candles close above that level and the marketcap is currently respecting that as a new buying liquidity level. We still need more time for this to confirm, but the early signs look promising.
Now let's examine if the marketcap breaks back below 3T and cannot reclaim that level. If that is the case we could see a massive liquidity event that could lead the total market cap as low as 2.5T! Then after retesting that macro resistance level as a new level of support we should have the momentum to break 3T.
Ghi chú
Please note: We did not get a daily close above 3.01T, but as soon as we do that should be further confirmation of a break to the upside. 
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