https://www.tradingview.com/chart/TOTAL/vl3n0WN7-BTC-Bottom-most-likely-in-based-on-TOTAL/
Here is an update to my previous prediction made back in Jan 2023. Original Idea can be found above.
After breaking above the key 1.04T level we flipped it into new support and have risen about $300b to the 1.33T level. This level is currently a very important level of resistance as it was our macro level of support (for candle bodies) back in the bull market of 2021.
Also we could see some sort of wedge of support/resistance forming (orange trendlines). If this is a valid pattern we are right near the top of it.
The other thing to note is our weekly RSI for the total cryptocurrency marketcap. Everytime we reach overbought or briefly peak above (bottom red circles) we usually see some money exit the cryptocurrency market for a cooloff period. Right now we are exactly at overbought, but could briefly peak above.
A lot of ETF decisions will be made soon which could change things, but at the current moment I would use more caution rather than being risk-on at the current moment.
Here is an update to my previous prediction made back in Jan 2023. Original Idea can be found above.
After breaking above the key 1.04T level we flipped it into new support and have risen about $300b to the 1.33T level. This level is currently a very important level of resistance as it was our macro level of support (for candle bodies) back in the bull market of 2021.
Also we could see some sort of wedge of support/resistance forming (orange trendlines). If this is a valid pattern we are right near the top of it.
The other thing to note is our weekly RSI for the total cryptocurrency marketcap. Everytime we reach overbought or briefly peak above (bottom red circles) we usually see some money exit the cryptocurrency market for a cooloff period. Right now we are exactly at overbought, but could briefly peak above.
A lot of ETF decisions will be made soon which could change things, but at the current moment I would use more caution rather than being risk-on at the current moment.
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