TOTAL
Hi fam,
Okay, 1.65T $ was lost due to FUD from the ETF rejection report leak and the market dumped to MA50 in D1 at 1.50T $.
This was good from different perspectives. Funding rates are mostly reset. The fear and greed index cooled down a bit and dropped from 70 to 68. Today we had a good recovery in the market and the TOTAL market cap reached the broken support of 1.65T $ which acts as resistance this time.
I think of more bearish moves after such a flush dump (despite all the fuds) and as I said in my previous posts Q1 2024 is expected to be Red with the last buying chance for most of the coins.
The trend moves in a parallel channel (most likely to be the distribution phase) and swept the range high and closed below the range and flushed to the midline of the channel and bounced. This will be more like a dead cat bounce and I expect to see lows to get swept at 1.46T $ in the coming days. The final target lies at 1.3T for the coming weeks.
As always, These are my ideas and might be wrong. Please DYOR.
