BTC DXY BTCDOM TOTAL TOTAL 3 analysis
The total crypto market cap stands at 1.74 T $ on the 15th of January 2024. We managed to reach and surpass my previous long standing target from the 1.72 T area.
Just a thought : the market usually works in 2 fractal fibo sequences. This would mean the next target is situated in the 2.6-2.7 T $ area if we continue higher.
1. BITCOIN
We had the push to the 46-48k area that we were expecting and correction followed. Using EW rules we can interpret the new data to identify the correction as being an expanded flat :
wave A reached the 40.500$ (wick)
wave B closed inside the 1.618 fib extension of previous correction (expanded flat)
wave C "should" close in the 1.414 and 1.618 fib to the downside ( 38k-36.5k )
lower than that would mean we would have a full correction event that could reach the previously retested support in the 25-27k area (unlikely)
I checked the previous ideas from the beginning of December, they played out nicely :
On a positive note : "if" we manage to consolidate above the 38k-40k area (weekly close on meaningful buy volume) we should see continuation to the upside without further threat of correcting under these levels.
Will update with my personal trades on the live trading channel.
2. DXY
In my previous report I was talking about the need to see continuation towards the 102.4$ levels. We had the drop, but an immediate bounce followed.
DXY updated daily chart :
Key points :
dropped under 102$ as expected ✅
currently bouncing
potential bear div in play forming on D timeframe
if bounce continues we are still bullish on cryptos if rejected under 104.9
a break to the downside of the channel targets the 97$ area
3. BTC.d
Was saying in my last report :
"It seems we are getting the expected bounce on BTC.d, we should see the 58% area touched soon".
We didn't. Big rejection at the 54% levels.
Updated chart :
There isn't yet a lot to do but be patient and consolidate our spot positions. My previous idea still stands :
"From another POV, if btc.d goes higher alongside an increase in TOTAL, this would provide the same upward moves on both BTC and altcoins."
4. TOTAL mk
Updated chart :
This one looks better than the BTC chart. We hit our target at the 1.72 T as I was saying earlier but it looks like we might get some continuation to the 2.1 T $ levels. On chart that's also the level BTC reached before correcting on wave C.
This continuation would validate my previous idea regarding the potential switch to altcoins trading.
Volumes still rising in convergence with price, good stuff ✌️😊
5. TOTAL 3 - altcoins market cap
previous bottom chart for reference :
updated chart :
We're advancing nicely with our plan. This one says we still could go to the 826 bil $ if we were to hit the same levels BTC did before correcting. Following closely.
Key points :
broke out as expected
rounding bottom breakout targets the 826 bil $ area
rising volumes
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Go bulls !
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Disclaimer : the opinions presented in the following report are my own and DO NOT CONSTITUTE FINANCIAL ADVICE. Cryptocurrency trading is a very risky endeavour. You can and probably will lose your money if you do not do your own research.