Market update April 15th 2020
BIG Picture – Total Cap
Our total cap chart continues to be the most accurate chart to predict movements in the market, and can be extrapolated to BTC, or altcoins. This is the first thing I look at before making any trading decision.
Looking at the weekly, things have been bearish since it broke the long term channel in blue. This channel encompasses the entire history of *exchange traded* crypto price action.
Currently, the momentum is bearish with the 8 EMA under the 20, however in terms of trade location, we have strong support at the .786 market cycle fib around $180Billion. That area is key support to see bullish continuation off the recent washout lows.
In a traditional market, seeing a big wick on a low is typically not a good sign (they often get revisited). However in BTC, our bottoms in both 2013, and early 2015 were in this fashion. Will the past repeat?