Crypto Market Cap Update
Interesting things happening in this chart , Crypto Market Cap "Excluding BTC".
The head and shoulders pattern is clearly playing out and the technical target of this pattern would be at 303 billion dollars which happens to line up perfectly to the 0.618 Fib.
At the same time we have a very rare signal flashing in this RSI indicator I use , it's based on the elliott wave theory and shows when waves have completed 5 counts , since 2018 we have had just three signals and keep in mind this is not a lagging indicator its real time .
Last time we got green triangle was the bottom of the bear market in December 2018 and now its flashing again , keep in mind that in order to confirm this signal we must close the weekly and if market cap goes lower the signal will move to the next candle , always have to wait for candle after for confirmation of a trend reversal.
The point is that the fact that its flashed on means the bottom is could be near for the alt coins but this head and shoulders pattern has over 80% success rate so if it does play out it would be a brutal move down to 303 billion.
The head and shoulders pattern is clearly playing out and the technical target of this pattern would be at 303 billion dollars which happens to line up perfectly to the 0.618 Fib.
At the same time we have a very rare signal flashing in this RSI indicator I use , it's based on the elliott wave theory and shows when waves have completed 5 counts , since 2018 we have had just three signals and keep in mind this is not a lagging indicator its real time .
Last time we got green triangle was the bottom of the bear market in December 2018 and now its flashing again , keep in mind that in order to confirm this signal we must close the weekly and if market cap goes lower the signal will move to the next candle , always have to wait for candle after for confirmation of a trend reversal.
The point is that the fact that its flashed on means the bottom is could be near for the alt coins but this head and shoulders pattern has over 80% success rate so if it does play out it would be a brutal move down to 303 billion.
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