Warning, the entire (TOTAL) cryptocurrency market is now on bullish alert.
Recently we shared a chart for the total cryptocurrency market cap. excluding Bitcoin (TOTAL2), mentioning its massive bullishness and a huge increase in trading volume and volume breakout, you can see all the details by clicking on the image below:
The entire cryptocurrency market cap., listed here on Trading View as TOTAL, looks as strong, if not stronger, than the TOTAL2 index.
We have all of our classic bullish signals developing and a very, very bullish chart.
Let's take a quick look into a few of these:
We can see a massively bullish RSI. The RSI hasn't been this high since January 2018, that's 1.5 years ago.
The RSI also hit a low point on December 2018 which hasn't been seen since January 2015. Think about it... That's most likely the lowest we will see in a while. The cryptocurrency market is really bullish right now.
TOTAL has broken above a strong area of resistance marked green on the chart. It took over 3 months to break below this level back in 2018, but only 2 weeks to break above it now in 2019... The bullishness this market is experiencing is massive.
This green zone we can see on the chart can now be used as very strong support and is very likely to hold TOTAL if it starts to retrace, but with Bitcoin super hot and the alts as well, we can look for additional growth.
The MACD entered the bullish zone (above the zero line) recently but is lacking some momentum, it shows plenty of room left available for growth.
Potential scenarios are marked on the chart above.
Conditions for change: Same as with TOTAL2, TOTAL remains bullish for us as long as it is trading above MA200 (black line). A close below EMA10 sends a bearish potential warning, but this index remains bullish as long as it is trading above MA200 and the last low.
We are extremely bullish on the entire cryptocurrency market for late 2019, 2020 and beyond. We believe that we are looking at the bottom for most altcoins and cryptocurrency, and once the bottom is in, the only place left to go is up.
What's your take on what will happen next? Share your thoughts in the comments section below.
Remember to hit like if you want to now to show your support.
@damdamm, My pleasure. Thanks a lot for the support.
KinkoHyoTrading
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Sensei, What do you think about this?
BTW, you are a visionary.
AlanSantana
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@BabasNumbaOne, Thanks for the kind words... I will take a look.
AlanSantana
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@BabasNumbaOne, Looks great, amazing job.
KinkoHyoTrading
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@alanmasters, Thank you for the kind words. It means a lot.
AlanSantana
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@BabasNumbaOne, :)
milanjelic
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No alan, its going towards correction.
Curent LONG/SHORT RATIO IS :
TOTAL
LONGS: $528,279,460 65.45%
SHORTS: $278,814,533 34.55%
We all do know who will be the first one liquidated.
Further fall at time of writting May 19.th 1PM UTC.
Once again, 8000-8400 level is " uncrossable from this instance"
Bitcoin needs correction after retesting potentially HH, so everyone would remain trapped on false pierce over/near 8000.
Therefore, i would advise everyone to rebuy on major correction -1500$+ this price so you won't let yourself sink with the BTC.
After correction, we could talk about technical side of potential rebound, but, till correction occurs, i would advise people to stay out of trade in order not to be cutten off for 30% (as btc falls towards 5500/6000 level).
Good luck and stay smart.
AlanSantana
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@milanjelic, Thanks for sharing, we are looking at this long term and yes, the cryptocurrency market is growing and will continue growing throughout the months and years ahead.