The Crypto Market Shakeup (#TOTAL): Breaking Through Key Support

12 thg 6, 2023

🌴 Paradisers, let's delve into the recent developments surrounding the Crypto #TOTAL Market Cap and its potential implications for the cryptocurrency market. 🌴

💎 A significant event has occurred as the Crypto #TOTAL Market Cap broke through a crucial demand area, signaling a potential shift in the overall trend. Adding weight to this observation, a confirmed Head & Shoulders reversal pattern has emerged, indicating that bears have gained complete control. This situation undoubtedly favors the continuation of the downtrend, presenting a rather negative outlook for the crypto market.

💎 At present, a minor pullback would be deemed beneficial for market health. It is anticipated that TOTAL will reach the previous demand level, the current supply zone, and the downtrend trendline. Should this scenario unfold as expected, it is likely that whales will begin accumulating short positions, leading to a consolidation phase. This consolidation phase sets the stage for #TOTAL to approach the 950B support area, completing the Head & Shoulders pattern and potentially dropping further to the 876B level. In the event that downtrend pressure remains robust, the final wave down could drive the price as low as 800B. Importantly, this support area finds confirmation from the 88.6% Fibonacci retracement and the Volume Profile level.

💎 However, it is crucial to keep in mind that the bearish scenario will hold true only if #TOTAL fails to breach the 1.138T resistance, which previously acted as a bounce point off the downtrend trendline.

21 thg 7, 2023

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