View on the Altcoins market - consolidated chart
Hi guys,
We are following this setup for weeks now. It is now more than obvious that the $735 level is a really tough resistance. The consolidated altcoins index (excluding BTC and USDT) was rejected pretty brutally there, which resulted in an immediate reversal to the downside and a drop of 14 percent to $630. A big, fat death cross there on the daily chart. Naturally, we are looking for the $610 S/R level to hold.
Few more things:
Cheers,
We are following this setup for weeks now. It is now more than obvious that the $735 level is a really tough resistance. The consolidated altcoins index (excluding BTC and USDT) was rejected pretty brutally there, which resulted in an immediate reversal to the downside and a drop of 14 percent to $630. A big, fat death cross there on the daily chart. Naturally, we are looking for the $610 S/R level to hold.
Few more things:
- The total crypto market capitalization moved below the $200 billion mark on Sunday and that is bad news for bulls. The last few times we broke up that level it was followed by a bull run.
- The total altcoin market cap (excluding BTC) erased 8 percent and now stands at $69 billion.
Cheers,
Comment:
Ok, so we managed to avoid a drop to $610 yesterday, which is a good sign. Descending Triangle on the 1h chart.
Comment:
Found the required support at $610, now let's see if we are in for another wave towards $735 or this is a just fakeout
