$TOTAL market capLet's see what CRYPTOCAP:TOTAL chart has for us.
as a trader or investor you should know about the market condition before entering any kind of deal. TA is a way to predict the possible scenarios of a trend and can be combined with fundamental analysis for more accurate decision. in the charts we mainly focus on TA side and what's what i plan to do here.
Total market cap includes all assets in crypto market. this shows us how much this industry absorbs funds and adopts more individuals.
So far, this market/industry has been growing in long term and remained interesting for investors. A series of HHs and HLs confirms that idea. But there is a catch. i personally do not believe much in dynamic resistances or supports in trend lines but those lines might actually work as S/R sometimes.
As i see in CRYPTOCAP:TOTAL chart there was a bullish trend line that broke on Nov. 2022 and pushed the trend onto bearish side. although the trend kept printing HHs and HLs but loosing trend slop means weakness in long term trend and might caused by exhaustion. Bear in mind that more individuals involved in crypto market means less volatility and less changing range. i believe in next cycle we start seeing bull markets in smaller ranges with less X times growth.
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Okay. trend moves above MAs and with current super green engulfing candle we just surpassed ATH at 3.01T dollars for a new ATH. Next month candle will open in next day so as always i will observe new candles behavior.
It is expected to see some corrections ( i don't expect major correction) and then bullish continuation. i see 3.8T $ as the firs fib. level barrier. the next one is 5.5T $. i expect this level as the cycle top. (might be wrong) but if volume surged more i will have to recheck the conditions.
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As always, These are my thoughts and can be wrong. Please DYOR before taking any financial decisions.