Crypto - Another Leg Down vs. ATH Challenge?
Crypto and risk assets are hanging in there, having found near-term (daily timeframe) supportive levels. Markets are trying to decide whether the next swing will be up - challenging ATHs - or down. Longer-term (monthly, weekly) charts, suggest that additional downside is possible. There's no shortage of risk-off fundamental drivers, any of which could serve as the catalyst for a resurgence in bearish sentiment.
Should cryptocurrencies, represented by the TOTAL Market Cap Index, fail to hold current lows (2.55T), subsequent buy levels are ~2T (2.16-2.02). 1.69 is the controlling anchor low of the current intermediate-term uptrend. To maintain a long-term bullish outlook on crypto, TOTAL should hold this level (far away). If risk assets break down, it's advisable to deploy confirmation entries for buys (vs. "catching a falling knife"). Watch micro timeframes for trend reversal indications before stepping in.
One can try the next directional swing by looking for a breakout/breakdown on intraday timeframes. Given the backdrop across markets, maintaining flexibility + staying nimble are key! The prevailing trend in crypto and undeniable rise of digital assets suggests that a move higher is more likely vs. not, but charts have yet to confirm, so it's prudent to prepare for either scenario.
JHart
X: JHartCharts
Should cryptocurrencies, represented by the TOTAL Market Cap Index, fail to hold current lows (2.55T), subsequent buy levels are ~2T (2.16-2.02). 1.69 is the controlling anchor low of the current intermediate-term uptrend. To maintain a long-term bullish outlook on crypto, TOTAL should hold this level (far away). If risk assets break down, it's advisable to deploy confirmation entries for buys (vs. "catching a falling knife"). Watch micro timeframes for trend reversal indications before stepping in.
One can try the next directional swing by looking for a breakout/breakdown on intraday timeframes. Given the backdrop across markets, maintaining flexibility + staying nimble are key! The prevailing trend in crypto and undeniable rise of digital assets suggests that a move higher is more likely vs. not, but charts have yet to confirm, so it's prudent to prepare for either scenario.
JHart
X: JHartCharts
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.