Total Market Capitalization shows H&S formation for the whole crypto market:
drive.google.com/open?id=1Et5LW1Hy0aBRTqsgBtXDvtYsDzuCW8S6
If this formation will be in play, drop down to 300-350bln$ may happen (to fulfill that formation BTCUSD needs to dump to around 8000$)
In case of BTCUSD we have now probably bulltrap. Daily volumes are significantly lower when the price is nearing the red dotted downtrend line. Only attack on that line with significanly higher volumes give us signal that downtrend is over, but after that we can expect deeper correction of that upmove (if it will even come). In worst scenario downtrend in BTCUSD will be continued with target in 4000-5000 area. In this scenario the whole market mood will be destroyed for some significant time (year or two) - i dont want personally this worst scenario to happen.
drive.google.com/open?id=1Et5LW1Hy0aBRTqsgBtXDvtYsDzuCW8S6
If this formation will be in play, drop down to 300-350bln$ may happen (to fulfill that formation BTCUSD needs to dump to around 8000$)
In case of BTCUSD we have now probably bulltrap. Daily volumes are significantly lower when the price is nearing the red dotted downtrend line. Only attack on that line with significanly higher volumes give us signal that downtrend is over, but after that we can expect deeper correction of that upmove (if it will even come). In worst scenario downtrend in BTCUSD will be continued with target in 4000-5000 area. In this scenario the whole market mood will be destroyed for some significant time (year or two) - i dont want personally this worst scenario to happen.
Note
logaritmic version of this chart:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.