📈 Crypto Total Market Cap Excluding BTC: Bearish Continuation

We are going to be looking at this chart through candlestick reading for learning and entertainment purposes.

—TOTAL2 Weekly Chart (Notice the numbers on the candles)

1) This is the peak. The candle closes red. The candle closes as a Doji. Volume starts to decline soon afterward. These are bearish signals.

2) This is the initial market reaction to a new peak being hit, a sudden sell-off.

3) The initial panic reaction is quickly erased but the ensuing candle fails to produce a new high. This is a failure to move forward. Works as bearish confirmation of the peak candle (1).

4) This is the initial move down.

5) This is the breakdown and bearish confirmation.

6) This is a bearish consolidation. See how the action is happening below EMA10. This consolidation will lead to a bearish continuation. A bearish continuation implies a lower low compared to the session 8-April (5). This lower low can find support around EMA100 or 750B, which means a potential 30% drop.

—MACD Bearish cross

The MACD bearish cross supports all the bearish signals mentioned above.

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