In this episode of NewsBTC’s daily technical analysis videos, we are looking at the total cryptocurrency market cap with Bitcoin being so boring. Also, we compare previous crypto winters in order to determine when the deep freeze may end.
Check out the video:
VIDEO: Total Crypto Market Cap Analysis – TOTAL: October 12, 20,22
There isn’t all that much new to report. Bitcoin and the other cryptos are still moving sideways as markets await the CPI data releases tomorrow morning at 8:30 AM ET.
Crypto Winter 2022 is a Bear Market resembling 2015
According to LMACD, daily momentum is subject to a slow-moving showdown, much like Bitcoin. The LMACD reports that Bitcoin just became bullish on a weekly basis, but the entire crypto market capital has been bearish for many months.
The LMACD is more similar to previous bear market bottoms, as shown by a comparison of past bottoms. The indicator was not affected by price movement in 2018 or 2019, but it did rise sharply.
TradingView.com could show sideways momentum as a sign of more pain. Source: TOTAL| Source: TOTAL on TradingView.com
Total Cryptocurrency Fractal Shows Possible Price Action Preview
Each drawn box shows a very similar price action. If you take the bars pattern and place a fragment over the price action now, it is almost the exact same setup. A strong breakout will eventually fail and the crypto market will form a double bottom if it follows this pattern.
The fractal projecting price action forward is why the Ichimoku indicator, which also looks in the future, forecasts potential resistance exactly where the fractal would interact.
What will happen to the downtrend this week?
It is impossible to know for sure if this will be the bottom of cryptocurrencies. Nor can anyone predict if it will behave as the previous two bottoms. The move could begin this week if crypto does not continue to fall.
The TD Sequential Market Timing tool has triggered a TD9 Buy Setup. The series can only be perfected when the 9 candles make a lower low. The 9 candles that were on their way down became red, resulting in a strong move down. This is possible but the TD9 setup could be a turning point for bulls.
