The chart below shows the market cap of the whole crypto market. When major market moves happen, I prefer to look at the whole market rather than individual cryptos.
Notice the support at about $420bn that has held twice in the last two months. Notice also the downward trendline heading towards meeting the support some time within the next week.
A fresh break below $420bn could see the market take a major leg downwards. However, in the last day we're seeing a breakout of the current trend, with the market cap a whisker below $600bn.
Is this a true breakout or a fake-out? A true breakout should see volume increase; this doesn't, as yet, appear to be the case. If the market cap retraces back to break that downward trendline, then I'd be concerned. It will probably come back to test it as a fresh support, only then can we call it break or fake.
As always, predictions will always come too late! Read the signals in real-time and back your judgment.
chart:coinmarketcap
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@rycharde brother you have share a very important things here ,,, from this type of post we can analyse market value.... thnks a lot for your valuable information
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Excellent explanation. I'm learning little by little.
I don't see it as a breakout or a fake-out. I think BTC will start to climb some, but for the most part it's just been consolidating and stabilizing at this new price between about 10500 and 12500. The correction is over (or crash, however you want to look at it), and now we'll start to move up some. However, I don't expect another big burst like we saw at the end of 2017. I think it'll take some more time to see something like that in 2018.
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The market is doing as predicted, retreating from recent high to test if that downward trendline is a genuine support. Market cap down to $550bn, volume still relatively low. This should resolve itself this week, but keep one eye on the prices and the other on the volume - then follow the trend.