/biz/ - Business & Finance

I think the next 2 charts that I will post about total marketcap are probably the most important graphs going on right now.

Here's the 3 day chart.

We've been in this falling wedge pattern for the last entire year now. Very clear downtrend with occasional ups and downs but never able to make new highs while making new lows.

At november before the big sub 6k selloff we were trying to breakout but were rejected very harshly and caused a drop from 200bil+ to where we are now.

So far we've managed to bounce off of 100bil$ and regain control of 120. At this point if 120 doesn't manage to hold and we have a bear break I don't think 100 will be able to hold and we might go down to 65bil$. That is close to 40% drop from where we are now which would most likely take BTC to 1800 levels.

You can see from 2017 May-Nov that this range has a lot of history and we are testing previous supports/resistances.

This is the bearish possibility that needs consideration. I won't be interested in trading crpyto if 100bil breaks down.

A closer look and bullish scenarios with 12h chart next.