When Will Crypto Winter Thaw Out? Total Crypto Market Cap (TOTAL) September 20, 2022
21 September 2022 - 6:43AM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
examine the total cryptocurrency market cap (TOTAL) following
Ethereum Merge-related disappointments and sideways Bitcoin price
action, and attempt to understand how long crypto winter might
last. Take a look at the video below: VIDEO: Total Crypto Market
Cap Analysis (TOTAL): September 20, 2022 Bitcoin price action
continues to go mostly nowhere and Ethereum has pulled back due to
Merge-related sell the news profit-taking, so in the video below we
take look at these factors combined via the Total Crypto Market Cap
chart. Related Reading: WATCH: Bitcoin Bloody Monday Leads
To Reversal Hammer | BTCUSD September 19, 2022 When Will The
Cryptocurrency Market Bottom And What Next? Sentiment, price
action, and technical indicators all are behaving similarly to the
2018 bear market bottom. If no new lows are made, taking a bars
pattern fractal from the bear market bottom and fitting it over the
current price action could give some clues into what to expect.
Fitting the fractal perfectly involves increasing its size
slightly, which results in a higher high if the similarities were
to continue. The higher high would also occur at around the same
trend line where the last double top formed. Connecting resistance
levels and support levels could create the structure of a rising
wedge or in Elliott Wave terms, an ending diagonal. Ending
diagonals form when an asset’s price has climbed far too much too
fast. Here is access to a FREE 1-hour course on how to spot an
Elliott wave pattern on a price chart and develop a solid trading
plan around it. Get The Elliott Wave Principle Applied right
(normally a $99 value) right here: https://t.co/7a7sDe3SM3
pic.twitter.com/NKzIcwiuWy — Tony "The Bull" Spilotro
(@tonyspilotroBTC) September 19, 2022 The fractal would provide the
final wave 5 before a larger bear market in crypto. In Elliott Wave
Theory, wave 5 can often match the magnitude of wave 1, which makes
price and technicals behaving similarly as wave 1 that much more
notable here. Although wave 3 is typically the longest in Elliott
Wave Theory, there is evidence that in commodities, wave 5 is the
strongest due to supply and demand. In the past, cryptocurrencies
have shown impressive performance during a wave 5. Could a wave 5
in crypto still be left in the bull market? | Source: TOTAL on
TradingView.com Total Market Cap More Bullish Than Bitcoin On
weekly timeframes, the Total Crypto Market Cap is much more bullish
than Bitcoin, having crossed bullish on the LMACD long ago, while
Bitcoin waits for the signal to confirm with a weekly close. The
Relative Strength Index also reached oversold conditions, which in
the past has been enough to put in a bottom in crypto. Unlike BTC,
the Total Crypto Market cap is clinging onto the 200-week Moving
average, which in the past has also signaled the end of crypto
winter. Several signals from the last crypto winter have appeared |
Source: TOTAL on TradingView.com Related Reading: WATCH: Bitcoin
Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022 Why
Crypto Winter Could Last Another Several Months Flipping to monthly
timeframes, also shows that the 50-month moving average is also
doing its best to keep crypto afloat. Although daily and weekly
timeframes show several key similarities with the 2018 bear market
bottom, the monthly timeframe’s current candlestick structure
better resembles the 2014 bear market bottom, which when compared,
could suggest that the crypto winter has several more months to go
before prices begin to thaw out. How much longer will crypto winter
last? | Source: TOTAL on TradingView.com Learn crypto technical
analysis yourself with the NewsBTC Trading Course. Click here to
access the free educational program. Follow @TonySpilotroBTC on
Twitter or join the TonyTradesBTC Telegram for exclusive daily
market insights and technical analysis education. Please note:
Content is educational and should not be considered
investment advice. Featured image from iStockPhoto, Charts from
TradingView.com
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