A Reason For Massive Bullishness
Most of my charts have been bearish on cryptos, I've been expecting a correction to $7k or so before a run back to the teens.
However this pitchfork on the total marketcap of all cryptos shows that we are hugging a long term support trend line.
The two usual targets on the pitchfork are the median line and the hagopian line. If it turns out to be bullish then the median line would explode the crypto market cap.
However if it slides off the side of the support line then it will head toward the hagopian. I actually think that's still bullish in the long term because it allows for building a stronger base to push for higher prices.
BTW on this pitchfork I did not use the very bottom of the wick on the left side of the chart because that was due to a pricing bug in one of the markets. The body of the candle is more accurate.
However this pitchfork on the total marketcap of all cryptos shows that we are hugging a long term support trend line.
The two usual targets on the pitchfork are the median line and the hagopian line. If it turns out to be bullish then the median line would explode the crypto market cap.
However if it slides off the side of the support line then it will head toward the hagopian. I actually think that's still bullish in the long term because it allows for building a stronger base to push for higher prices.
BTW on this pitchfork I did not use the very bottom of the wick on the left side of the chart because that was due to a pricing bug in one of the markets. The body of the candle is more accurate.