$TOTAL Crypto total market cap analysis 6 June 21
After breaking down from the strong rising channel that was in place since the beginning of the year, the total crypto market cap chart found support between the 200day sma & ema. After an aggressive bounce off the lows we have now seen price consolidate in a sideways fashion for the last 3 weeks with the possibility of a triple top formation in play. These sideways consolidations after a strong move down are normally continuation patterns, so at this stage I would lean in favour of crypto assets having another leg down to test the 1.026 trillion mark. This means it is possible to see another +-500mil of market cap wiped off the asset class to reach the target which would also be between the 360 day ema & sma. Of course, if we manage to close above this triple top resistance then I would be quite happy to change my view and favour further upside in the crypto space.
As always let price guide you, but this is my initial thoughts from where we stand given the fact that we have made 3 equal tops and failed to breakout higher.
As always let price guide you, but this is my initial thoughts from where we stand given the fact that we have made 3 equal tops and failed to breakout higher.
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