In this episode of NewsBTC’s Daily Technical Analysis VideosWe are looking at the total market capitalization of cryptocurrencies with Bitcoin being pretty boring. We also compare past crypto winters to see when the deep freeze might end.
See the video below:
Video: Total Cryptocurrency Market Cap Analysis (TOTAL): October 12, 2022
There is not much new to report. Bitcoin and other cryptocurrencies continue to move sideways, as the market awaits CPI data tomorrow at 8:30 AM ET.
Why the winter of 2022 is like the bear market of 2015
Much like Bitcoin, there is a slow-moving confrontation to dominate the daily momentum, according to LMACD. On the weekly time frames, Bitcoin turned bullish just last week, while the total cryptocurrency market cap has been bullish for several months now.
Comparing the LMACD across previous bear market bottoms shows that the index behaves more similarly to the 2014 and 2015 bear market bottoms. In 2018 and 2019, price action rose sharply instead and the index followed suit.
Sideways momentum could mean many more months of pain | Source: TOTAL on TradingView.com
Total Cryptocurrency Fractal displays a preview of potential price action
The price action in each square drawn is eerily similar. By taking the bar pattern to place a fractal on the current price action, the setup is practically the same. If the overall crypto market follows a similar path, the strong breakout attempt will eventually fail and result in a double bottom.
Since the fractal enterprise price movement forward, is running Ichimoku An indicator that also looks into the future, predicts potential resistance where the fractal will interact.
Will the downtrend reach its conclusion this week?
However, there is no indication whether this is really the bottom of the cryptocurrency, and no one knows if the market will behave like the last two bottoms. If this is not the case, and the cryptocurrency continues to decline, the movement could start this week.
The TD sequential Market timing tool triggered TD9 buy setup. However, the series is only perfect when the 9 candle makes a lower low. Notice how the past 9 candles on the way down have lit red and resulted in a deep move down. While this is possible, the TD9 setup is also a potential tipping point where bulls can take back control.