The TOTAL crypto market cap chart is showing very heavy resistance from multiple indicators and trendlines. The bottom may be in for crypto, but since this is the first back test of a S/R flip, that would mean a correction to retest support before moving up is most likely.
Bearish Confluences:
1 year long diagonal trendline
24 EMA on Weekly
Weekly RSI downtrend
Horizontal S/R flip
Previous S/R flip
Inverse Cup & Handle
Bounce resistance plotter
Daily overbought
Rising wedge on daily
My prediction is we see a confirmed rejection here and retrace and revisit the lows at 850B, where we have 200 Weekly Support and is also the target of the Rising Wedge pattern. If it holds, then we may see a breakout of these resistance levels.
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