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In this episode of NewsBTC’s daily technical analysis videos, we look at the total cryptocurrency market cap, with Bitcoin being so boring. We also compare previous crypto winters to see when the freezer could end.
Watch the video below:
VIDEO: Total Crypto Market Cap Analysis (TOTAL): Oct 12, 2022
There is not much news to report. Bitcoin and other cryptocurrencies continue to move sideways for the most part as the market awaits the CPI data at 8:30 a.m. ET tomorrow.
Why Crypto Winter 2022 Is Like The Bear Market Of 2015
As with Bitcoin, there is a slow-moving showdown to take control of the daily momentum, according to the LMACD. On weekly timeframes, Bitcoin just turned bullish last week, while the total crypto market cap has been bullish for several months now.
Comparing the LMACD to previous bear market bottoms reveals that the indicator is behaving more similarly to the 2014 and 2015 bear market bottoms. In contrast, in 2018 and 2019, the price action came up sharply and the indicator followed suit.
Sideways momentum could mean many more months of pain | Source: TOTAL on TradingView.com
Total Cryptocurrency Fractal Shows Possible Price Action Preview
The price action in each box drawn is eerily similar. Taking the bar pattern to place a fractal over the current price action, the setup is practically the same. If the overall crypto market follows a similar trajectory, a strong breakout attempt will eventually fail and lead to a double bottom formation.
As the fractal projects price action forward, the Ichimoku An indicator that also looks into the future predicts potential resistance exactly where the fractal would interact.
Will the downtrend come to a conclusion this week?
However, there is no telling if this is indeed the bottom in cryptocurrencies, nor does anyone know if the market will behave like the last two bottoms. If not, and crypto continues to decline, the move could begin this week.
The TD Sequential market timing tool has activated a TD9 buy setup. However, the series is not perfected until the candle 9 hits a lower low. Notice how the past 9 candles lit up red on the way down resulting in a deep move down. While this is possible, the TD9 setup is also a potential turning point where bulls can regain control.