Following up my roadmap on the monitoring of the crypto total market which I posted 20 days ago.
I found that the only consistent count which is developing as expected is the one related to the Toatl Market cap.
From my point of view and only taking into account the Total Market Cap Chart, since it better reflects the FIAT-CRYPTO flow, the market is doing a typical 5-3-5 ZigZag correction.
From the top, we can easily count a first leg down of 5 waves, forming A, then 3 waves forming B and now, after the last market drain, we can identify 4 waves already formed and a 5th on process...
As you can see in the chart above, there is a Head and shoulder pattern with a neckline in black at the level of the 1.32 Trillion which may trigger the acceleration of the drop forming the 5th wave.
Applying Fibonacci levels and following the diagram below, the end of wave C should be around 1 trillion, this value corresponding to 61.8% of wave A added to the end of wave B.
If we follow the "instructions" listed above and we add the total ride length of wave A to the end of wave B, this will bring us to see the area of the 1 trillion as a likely ground to land.
What happens after this and, as long as these 5 remaining subwaves are not of an explosive and dramatic nature, it can be either the end of the correction and so the resume of the awaited uptrend that we all hope or the beginning of a more complex correction in the form of a double or triple zig zag or even double or triple three.
This is the overall plan, based on which I day trade, since it gives me a general situation of the market status ... is this aligned with your view of the market?
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Posted Using LeoFinance Beta
