ππ TOTAL3 BREAKOUT! If ETH Pumps ALL Alts Will SURGE!
Retail is Rapidly Returning to the Market!
Overview
Chart #1 - Crypto Total Market Cap (TOTAL) Daily
Chart #2 - Crypto Total Market Cap Excluding BTC and ETH (TOTAL3) Daily
Chart #3 - Ethereum (ETHUSDT) Weekly
Chart #4 - Gala (GALAUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Crypto Total Market Cap (TOTAL) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the weekend, the TOTAL made a massive 7% rally to the upside, breaking through the three-week-long $1.415T resistance and reaching the next major area of resistance between $1.52T - $1.62T.
I doubt that the market will be able to break through this area of resistance in one go and would therefore expect to see a pullback to test support at $1.4T - $1.45T.
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Chart #2 - Crypto Total Market Cap Excluding BTC and ETH (TOTAL3) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
The TOTAL3 has broken above the range high and is now starting to consolidate above that level, indicating that a major breakout is in play for altcoins.
If ETH takes off here, most alts will likely rally aggressively.
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Chart #3 - Ethereum (ETHUSDT) Weekly
Chartist: Kyle
(For the chart screenshot, click here.)
ETH has confirmed a daily candle close above $2,140, which confirms the breakout from the ascending triangle.
The measured move would give ETH a 50% increase, potentially moving the price up to $3,340.
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Chart #4 - Gala (GALAUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Gaming is a narrative that I expect to rally at some stage, and one of those coins is GALA.
GALA is trading at $0.028, which is also in the $0.0263 - $0.0285 area of resistance. Price could have a small retrace and come down to test the next support, which is at the bottom of the range at around $0.0263.
If this level of support can hold, it could set the price to once again rally to the upside, firstly to test the $0.0285 level of resistance, and then $0.035 - $0.038.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 74 today, indicating Greed.
The highest the index has been over the past seven days is 74, and the lowest is 68.
Banterβs Take
Retail is rapidly returning to the market, and there are likely some major pumps ahead for us.
However, longing Bitcoin here might be a bit risky as it is approaching resistance.
Retail investors probably think similarly about Bitcoin and, consequently, will be looking to altcoins next.
Stay safe my friends!
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