Total Market Cap Patterns
Total Market Cap may or may not be ending the Bearish Trend but we have two dominant patterns that may breakout soon
We also have a support/resistance line formed at the previous lows. This line broke when the market may accomplished the capitulation phase, not everyone will agree with that but this line turned into a support recently and it’s quite relevant (if it remains like that).
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- Ascending Triangle
- Descending Broadening Wedge
We also have a support/resistance line formed at the previous lows. This line broke when the market may accomplished the capitulation phase, not everyone will agree with that but this line turned into a support recently and it’s quite relevant (if it remains like that).
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Nevertheless we need to breakout from this giant descending wedge (in green) and we may have a quick drop followed by a strong bounce pushing us above 150B Market Cap. If we move faster, be careful because we will face strong resistance at 175B and 200B Market Cap. In any case, since we have this interesting consolidation between 95B and 130B we may hold above 150B. It’s pretty soon to speculate about that but the lack of price action below 175B can be a game changer.