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Total and Altcoin Market Cap Technical Analysis
Crypto Total Market Cap started the week in negative territory, losing over $12Bn since Monday. The TOTAL chart clearly shows that the market lost momentum at around $320Bn last week, declining from that moment onwards. If the weekly candle closes below the $290Bn level (which is an important support zone in monthly and daily timeframe), then bears could have extra reasons to keep shorting, which the next liquidity zone in the market is the $230Bn demand zone.
Market Cap BTC Dominance, on the other hand, has started to reject the 72/ 71% resistance level. Since Sunday, BTC dominance has decreased by almost 3%, with daily candles now approaching a key ascending trend. As expected, some altcoins bounced in the slight retracement of BTC dominance, however, BTC momentum keeps holding its strength in the weekly and monthly time frame. A weekly closure above 72%, would only be signalling a strong bloodbath ahead for the Alts. On the contrary, if the ascending daily channel (highlighted in yellow) gets invalidated, there may be room for a short altcoin run.
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