Crypto markets have recovered large portions of losses made since early Nov. BTC is trading above the 200D SMA, along with the crypto market cap, indicating a bullish sentiment. I don't think it's time to FOMO yet though. Despite BTC making somewhat of a higher high on longer TF, the total crypto market has yet to follow, indicating weakness.
A view from a lower time frame, the total crypto market cap has rejected 950B resistance zone. Current formation seems to be a descending triangle, indicating the build up of short interest at this key zone. The local support zone is 920, 200 D SMA (900), and 100 D SMA (835).
Let me know what you think.
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LQ support was tested, looks like it bounced (624)
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Doesn't look finished yet, price rejected resistance level UT.
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And, it hit.
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So far so good, but if range becomes support, we may consolidate here and invalidate this theory.
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Support broke, correction inbound.
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Like clockwork (IDK why tradingview decided to delete my price path schematic but oh well)
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Looks like were almost ready to break 200 D MA (905), and test the longer term trendline support.
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