BTC DXY BTCDOM TOTAL TOTAL 3 analysis
The total crypto market cap stands at 1.127 T $ on the 25th of August 2023.
1. BITCOIN
BTC corrected in the past 10 days from the 28-29k area to a low situated in the 25k area as we previously anticipated. Currently trading at 26.000$.
On the D chart we are noticing a cup & handle forming that targets the 60k area if confirmed.
Key points :
the cup & handle pattern becomes invalid on a weekly close under 23k
last remaining bullish support stands at 21.700$
current bounce from 0.38 fib retracement levels would further confirm my previous 84k target
From a Fibonacci perspective this is how it looks :
For now the 25k area is holding and we have potential hidden bull divergence forming on the weekly with the RSI.
I am going to trade this setup as follows :
Long: 4h close over the 27.200$ area targets the 31k area.
Short : 4h close under 25.200$ targets the 23.300$ and 21.700$ areas.
Will update with my personal trades on the live trading channel.
2. DXY
Updated chart :
Key points :
DXY had another push over the 104 level forming a bearish divergence in the process
confirmation and rejection here "should" send the price under the 100$ levels in the coming weeks
invalidation of bear div should send it higher to the 109$ levels
if DXY rises we will probably see BTC correlated at the 21.700$ levels
3. BTCDOM
It looks like we formed a bearish divergence on the D chart that is currently playing out. As long as no hidden bull appears on the chart we should consider that altcoins will bounce in the following weeks. I have been waiting for this moment for about 4 months now, if indeed it plays out this way we will probably see some massive moves since altcoins have been completely hammered so far.
4. TOTAL mk
I posted this chart on Twitter in last few days, got conflicting responses. The main idea here is that we bounced "exactly" from previous bull market 2017 top. On BTC's chart we went a little bit under, on TOTAL we respected 100% the Elliott waves rule for continuation of bull market (not going under previous correction start level). Although it still looks good we must consider that another wave down is possible if we are in an ending diagonal formation on the yearly chart.
If this will be the case we should see BTC's price going to 7600$ before the final wave up to 124k. This would now come into play if we lose the 21k area on the weekly. The problem with this scenario is that TOTAL would be under the 500 bil $ levels and this is a highly improbable situation. At those levels retail would buy like crazy and get returns in the tens of millions.
That's not how the market works, it's the few that make it, not the many.
5. TOTAL 3 - altcoins market cap
Seems we had a breakout and a retest on the broken diagonal resistance and we may be turning it into support. This is what I'm watching :
Key points :
broken downward trendline and retested for support
golden cross/death cross negotiation
if support holds we should see a move up to the 4oo bil $ area
estimated top before correction in uptrend : 600 bil $ area
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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.