Nov 21st Market Bleed Broke Total’s Bull Floor – Bear Quake !
Discussion has been on – are we in Crypto Bull Market or Bear Market, and I have chronicled the possible Market Season examining barometers studying the Total Chart – that shows changes in overall Crypto Market’s Valuation – denoting the live capital inflow and outflow pulse in the Crypto Market!
Since October Crash Event – Total showed that Bull strength in the Crypto Market is weak, but Bull foundations have not broken.
In my earlier article I had explained that Bull Season is on - if Total’s footprints stay above Bull Floor -3.01T$ level.
What’s the Signal for Market Structure Breakdown in Crypto Markets?
3.01T$ is the current Total Crypto Market’s Bull Floor as it’s the peak Valuation point in the previous Bull Cycle that ended on Nov 2021.
On Nov 20th – Huge Red Candles broke Total’s Bull Floor and Valuation fall dipped till 2.75$ T completing dip phase on Nov 21st.
Trading view Chart>>. Crypto Market Total Cap breaks Bull Floor – Total Chart
Many Market Watchers were certain that Total’s Bull Floor breakage confirmed the end of the Crypto Bull Market and onset of Bear Market.
BTC refuses to go the Bear Way – and so Bull Market Scenario is kept alive!
Yet the Crypto Star of the Market; Bitcoin stayed well above its Bull Floor price ($68,674) – as it fell to 83,564$ on Nov 21st, 14% above it’s Bull Floor price level!
Trading view Chart>>.BTC price stays above it's Bull Floor price - $86,674
So, the current Bull Market Story that started on Jan 2023 has not yet concluded its chapter!
AlT Coin Valuation Falls too heavy for Total’s Bull Floor to Hold!
Altcoin capitalization represents over 40% of the total market. When altcoin valuations fall simultaneously, their combined weight can break the Total chart even if Bitcoin remains structurally intact.
So, Total’s Nov 20th – Nov 21st fall off does not yet amount to Bull Market end – as BTC is having Bull strength in it. However, if BTC’s Bull strength drains, that’s if it falls below its Bull Floor price, it’s Bear Market.
Upside Phases post Nov 20-21st Fall!
Post Nov 21st, Total’s Valuation experienced a immediate rebound – signalling buyers brought the dips, now Total’s Bull Floor is servicing as resistance point.
Trading view Chart>>. Immediate rebound post Nov 21st decline shows Dip buying activity. Now Total’s Bull Floor serves as resistance
Buying of ALT Coins increased valuations of Total2 (Crypto Market Cap subtracting Bitcoin) and Total3 (Crypto Market Cap subtracting BTC and ETH).
Trading view Chart>>. Increase in Total2 valuation post Nov 21st implies buying of ALTcoins and ETH.
Total, Total2, Total3 all had rebound effects.
Now Total2 Valuation – has managed to rise up lifting over support line of 1.19$T that was broken on the Nov20-21st fall.
Total3 Valuation is catching up with the support line - 899$ B it broke on Nov fall, now serving as resistance!
Trading view Chart>>. Total3 has had valuation increases after Nov 21st decline.
Now, with BTC increasing in price($87,000) it’s distance; that is BTC’s altitude from it’s Bull Floor has increased (20% +)
Trading view Chart>>.With BTC's price increased post Nov 21st – it’s distance from its Bull Floor price has widened further…
ETH’s attracted buyers with it’s price decline to 2.627$ in the alluded to fall period risen up to 2946$ due to dip buying. Investors might be finding ETH prices below $3000, a good buy.
Trading view Chart>> ETH ETF buys have caused ETH’s price to increase from it’s Nov 21st declined price.
BNB has also been brought with green candles post its fall, but not much in volumes.
Trading view Chart>>. BNB’s not brought up as much as ETH is.
ETF buying since Nov Fall
Both Coinglass and Coinmarket Cap data show – continuous positive ETH ETF fund flow post alluded Nov fall – which may be reflecting in ETH’s increased price action!
Fund Flow to BTC ETFs have been mixed with 2 days of inflows with 1 day of outflows.
Conclusion
Let’s wait and watch the Crypto Market Trend…and if Total Valuation rises up breaking above it’s Bull Floor Valuation at 3.1$,
Total’s Valuation can definitely have its upside moves beyond its Bull Floor – if Bitcoin and Altcoins keep continuously getting brought up!
Thank you for reading!
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