Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022
13 October 2022 - 9:25AM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis
videos, we are looking at the total cryptocurrency market cap
with Bitcoin being so boring. We also compare past crypto winters
to see when the deep freeze might end. Take a look at the video
below: VIDEO: Total Crypto Market Cap Analysis (TOTAL): October 12,
2022 There isn’t all that much new to report. Bitcoin and other
cryptocurrencies continue to move mostly sideways, as the market
awaits the CPI data release tomorrow at 8:30AM ET. Related Reading:
The End of Bitcoin Woes? BTCUSD Analysis October 11, 2022 Why
Crypto Winter 2022 Resembles 2015 Bear Market Much like Bitcoin,
there is a slow moving showdown to gain control over daily
momentum, according to the LMACD. On weekly timeframes,
Bitcoin only just turned bullish last week, while the total crypto
market cap has been bullish for several months now. Comparing the
LMACD across past bear market bottoms shows that the indicator is
behaving more similarly to the 2014 and 2015 bear market bottom. In
2018 and 2019, price action turned up sharply instead and the
indicator followed. Sideways momentum could mean many more
months of pain | Source: TOTAL on TradingView.com Total
Cryptocurrency Fractal Shows Possible Price Action Preview The
price action in each drawn box is eerily similar. Taking the bars
pattern to place a fractal over current price action, the setup is
practically the same. If the total crypto market follows a similar
trajectory, a strong breakout attempt will ultimately fail and lead
to a double bottom formation. Since the fractal projects price
action forward, turning on the Ichimoku indicator which also looks
into the future, is forecasting potential resistance right where
the fractal would interact. Will crypto winter remain until the
cloud is broken? | Source: TOTAL on TradingView.com Related
Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD
Analysis October 5, 2022 Will The Downtrend Come To A Conclusion
This Week? However, there is no telling if this is indeed the
bottom in cryptocurrencies, nor does anyone know if the market will
behave like the last two bottoms. If not, and crypto continues
down, the move could start this week. The TD Sequential market
timing tool has triggered a TD9 buy setup. However, the series is
perfected only when the 9 candle makes a lower low. Note how past 9
candles on the way down lit up red and resulted in a deep move
down. While this is possible, the TD9 setup is also a possible
turning point where bulls could regain control. A TD9 buy setup has
appeared on weekly timeframes | Source: TOTAL on TradingView.com
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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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