Total Market Cap: Observations
Started paying attention to the total market cap in the beginning of the month, to see if it could give any insight into the moves of the coins before they happened. For the most part, it does not give any great insight ahead of time, rather it displays how the entire market moves as a whole. I noted the bitcoin fall from 6k in a yellow text box, as that took place around November 15th 2018, and is highlighted by a dramatic fall on this chart.
Right now, The total market cap is sitting on support around $115 billion, shown in a blue line, and this support is looking weak as it was invalidated the other day, but has bounced since. There was since an ascending triangle that broke down, marked in the purple line, and overall the general structure down here is bearish. Support below this is around the $100 billion meme market cap, which I think eventually we will go below at some point throughout 2019.
Right now, The total market cap is sitting on support around $115 billion, shown in a blue line, and this support is looking weak as it was invalidated the other day, but has bounced since. There was since an ascending triangle that broke down, marked in the purple line, and overall the general structure down here is bearish. Support below this is around the $100 billion meme market cap, which I think eventually we will go below at some point throughout 2019.
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