Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
In the screenshot above I have shared the total crypto Market Cap on 1D time frame. There was a quick crash that we all saw few days back and that obviously brings up the question of whether we were going down towards the bear season or it was something else. First of all we all must see if there was some bad news in the market that triggered this situation.
We heard the news that President Donald Trump announced 50% Tariff on Europe and that threat was enough to shake the market to this situation as both these countries and their decisions can even trigger the economic consequences not only in their but also to other countries. So what we saw was more because of this news. Trump recently agreed to extending the 50% Tariff deadline to 9th of July.
This is positive for the market as we can now assume something coming from the side of Europe as they themselves asked for this extension. Now let us come back to the technical analysis of the total crypto market cap which I shared in the screenshot above in the beginning of this blog.
We can clearly see it confirming support and that is a bullish sign for us. I think this is the reason why I will still hold on my bag as that is what I see in the charts. That support line have worked for the total crypto market cap for 2-3 months not long back. From End of November to Starting of Feb we were above this support line and that is why we can safely hold on to our bags.
While it is safe in my opinion to hold on to your bags right now, make sure you take your decisions yourself only after doing your own research. Make sure to keep an eye on Total Crypto Market cap for predicting the upcoming move by market. Share your thoughts with me in comments below.
Thank You