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RE: Bitcoin (BTC) Morning Update: One more lower low probable
If you check the market cap in the last few months ( the exponential growth) it looks like there is a pattern of 3 step forward ( lasting an average 8-10 days ) and 1 step back ( lasting between 1-3 days). Right now we are almost done with the step back and I think by tomorrow the market will start going up again.
Honestly I don't know what to think about applying EWs on the marketcap. There are so many variables inside of it that I just cannot wrap my mind on how there would be a sentiment on the overall marketcap. I really doubt most people give a f**k about the entire market, since just being in it does not guarantee you profit. ( even though most of the coins go up...there are still lots that went down).
Robbie, the exchanges are closed to new entrants so influx of cash has stagnated. A lot of capital "bled" to smaller caps and large caps are in the red so current investors and traders are weary. We need the accessibility to new entrants to improve to resume the climb of overall market cap of cryptos.
I'm also not sure if you even can consider applying EW here.
No idea how to think of that but surely if you see this enormous and quick growth of the cryptomarketcap it makes me wonder if this is just the beggining or if a correction is inevitable. Any more inputs?
check now how the total market cap follows the rules of EW, I find it amazing and will use it as a future indicator to forecast the next major pullback