Putting aside what BITCOIN is doing lately, it is worth to check as well what the TOTAL crypto market does.
It is a fact that BITCOIN is being feed mainly by the altcoins in the present days since doesn’t look that “fresh” FIAT is entering at the market nowadays, that’s why looking at the BITCOIN chart versus USD can be a little bit misleading since there is a lot of selling pressure for BTC by the altcoins side
However, as I wrote yesterday in this post an enormous Bullish Flag has been formed as well at the Total Cryptocurrency market.
Inside this Bull flag there is a count that will fit in and may give you some hopes regarding the end of the correction is probably done. It is a Regular Flat Correction (3-3-5)
The only “but” I see in this possibility is that, in order to be considered as a “Regular Flat correction”, “B” should be just below the start of wave “A”, and, it is but perhaps so much low…
Anyway, let’s consider this count as good, if so, then the correction should be already finished and the Total Crypto Market should has finished already the first wave upwards and working on the third and more powerful wave, something like the following:
Nevertheless, as I said yesterday with the BITCOIN chart, a Bull Flag can promote at least 5 rebounds between its confining lines:
Conversely to BITCOIN’s Volume, the TOTAL MARKET Volume has decreased from the top of the year but not so much compared with the Crypto King and what I see in the Daily RSI indicator is an excellent situation for higher highs:
So, yes, IMO we are now in an important moment according to the Total Market Chart, be ready to experiment a possible sudden Price action, mostly on BITCOIN but also in other big Altcoins afterwards.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Add your Scripsio!