Current Situation:
The total cryptocurrency market capitalization (TOTAL) has rallied over 11% this week, moving from $2.35 trillion to $2.6 trillion, where it faces resistance.
Potential Scenarios:
Consolidation and Retest:
Scenario: The market could consolidate at $2.6 trillion before attempting to test $2.60 - $2.75 trillion again.
Implication: Breaking this range could lead to a test of the 2021 all-time high at $3 trillion.
Rejection and Pullback:
Scenario: Rejection at current resistance might pull the market back to the $2.4 trillion support level.
Strategic Considerations:
Entry Strategy: Consider long positions if there's a breakout above $2.75 trillion with strong volume.
Exit Strategy: Take partial profits at current resistance and re-enter if consolidation shows strength.
Stop-Loss: Set stop-loss orders to manage risk, especially below $2.4 trillion support.
Conclusion:
The TOTAL rally is positive, but be prepared for potential consolidation or pullback. Monitor key levels to make informed trading decisions. #CryptoMarket #TOTAL #TechnicalAnalysis
The total cryptocurrency market capitalization (TOTAL) has rallied over 11% this week, moving from $2.35 trillion to $2.6 trillion, where it faces resistance.
Potential Scenarios:
Consolidation and Retest:
Scenario: The market could consolidate at $2.6 trillion before attempting to test $2.60 - $2.75 trillion again.
Implication: Breaking this range could lead to a test of the 2021 all-time high at $3 trillion.
Rejection and Pullback:
Scenario: Rejection at current resistance might pull the market back to the $2.4 trillion support level.
Strategic Considerations:
Entry Strategy: Consider long positions if there's a breakout above $2.75 trillion with strong volume.
Exit Strategy: Take partial profits at current resistance and re-enter if consolidation shows strength.
Stop-Loss: Set stop-loss orders to manage risk, especially below $2.4 trillion support.
Conclusion:
The TOTAL rally is positive, but be prepared for potential consolidation or pullback. Monitor key levels to make informed trading decisions. #CryptoMarket #TOTAL #TechnicalAnalysis