Hello Everyone,
Welcome to this analysis of my analysis on the Total Cryptocurrency Market-Cap at this given watershed moment. As the new year of 2023 emerged the market is moving into a determining formation which will pave the way into a final decision and the developments to be expected in 2023. As inflation and unemployment rates slow down these are macroeconomic indicators that already signal a slightly more positive start into the new year of 2023 compared to 2022 nevertheless it is highly crucial that these developments continue to show better indications so that a major part of the sentiment becomes positive.
As when looking at my technical chart now we can watch there how the Total Cryptocurrency Market-Cap is developing several determining formations which will play a crucial role in the final outcome of the market. The first formation which is holding the whole range is this parallel channel marked in blue in which the price action shows up with a consolidated volatility period. The second formation is the major descending channel formation marked in black in my chart. And the third formation which actually forms out of the first and second is the main central descending triangle formation marked in orange in my chart which is in most occasions a bullish reversal formation if it does not invalidate. Therefore, setting all the parts of the technicals there are two possible scenarios for the Total Cryptocurrency Market-Cap, in the first scenario the price action manages to hold within the range building up bullishly and finally showing an initial breakout above the upper boundary of the descending triangle formation, the second scenario is the less likely currently which will show a bullish invalidation with the breakout below the lower boundary and into the bearish zone. In the current situation, it is highly necessary to await the final confirmation before moving on, although the bullish scenario currently has a higher possibility likelihood the bearish scenario can also emerge if bearish pressure increases again. We will await the final confirmations before setting up further conclusions.
In this manner, thank you everybody for watching. Let's move forward together.
The information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis of my analysis on the Total Cryptocurrency Market-Cap at this given watershed moment. As the new year of 2023 emerged the market is moving into a determining formation which will pave the way into a final decision and the developments to be expected in 2023. As inflation and unemployment rates slow down these are macroeconomic indicators that already signal a slightly more positive start into the new year of 2023 compared to 2022 nevertheless it is highly crucial that these developments continue to show better indications so that a major part of the sentiment becomes positive.
As when looking at my technical chart now we can watch there how the Total Cryptocurrency Market-Cap is developing several determining formations which will play a crucial role in the final outcome of the market. The first formation which is holding the whole range is this parallel channel marked in blue in which the price action shows up with a consolidated volatility period. The second formation is the major descending channel formation marked in black in my chart. And the third formation which actually forms out of the first and second is the main central descending triangle formation marked in orange in my chart which is in most occasions a bullish reversal formation if it does not invalidate. Therefore, setting all the parts of the technicals there are two possible scenarios for the Total Cryptocurrency Market-Cap, in the first scenario the price action manages to hold within the range building up bullishly and finally showing an initial breakout above the upper boundary of the descending triangle formation, the second scenario is the less likely currently which will show a bullish invalidation with the breakout below the lower boundary and into the bearish zone. In the current situation, it is highly necessary to await the final confirmation before moving on, although the bullish scenario currently has a higher possibility likelihood the bearish scenario can also emerge if bearish pressure increases again. We will await the final confirmations before setting up further conclusions.
In this manner, thank you everybody for watching. Let's move forward together.
The information provided is only educational and should not be used to take action in the markets.
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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.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
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.