Crypto Total Market Cap (TOTAL) - Daily Outlook 🌐
To understand where Altcoins are headed, we must look at the big picture. The Total Market Cap is currently showing a very technical setup on the Daily timeframe:
1. The Equilibrium Test (0.5 Level): Price is approaching the 50% retracement ($2.67T) of the previous major drop. This level aligns perfectly with a significant Daily Fair Value Gap (FVG).
2. Order Block (+OB) Support: We recently saw a bounce from the bullish Order Block (blue line). However, this looks like a corrective move to fill internal liquidity before a larger reversal.
3. Bearish Bias: The expected path (red arrow) suggests a sweep of the FVG followed by a rejection. The ultimate targets are the Sellside Liquidity (SSL) pools resting at $2.22T and $2.12T.
4. Market Sentiment: Unless we see a strong daily close above the $2.7T resistance, the overall structure remains bearish, and caution is advised for long positions on Alts.
Key takeaway: Watch for a "Stop Hunt" in the orange zone before the potential flush.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.