The big picture in the total #crypto market value seems to indicate that the trend will continue downward.
On the left, there is a lower peak, and the structure forming in the middle is essentially a shoulder-head-shoulder type distribution. After the right shoulder, a breakout occurred, and the decline has accelerated. So the formation target has been reached. What will happen now?
Around 2.29T, which is the current zone, is a horizontal resistance area. The main target is 2.05T (0.786 fib), and 2.58T (level 1) is a strong resistance, and as long as we cannot rise there, the structure will continue to be bearish.
After the decline, we are in a weak consolidation area. Reactions remain low-volume. So this range is not a bottom; it likely looks like a continuation formation.
When
#Total falls, we understand that there is no money inflow into the system, and in fact, money is leaving the market.
In this case, Altcoins drop the MOST as usual. Because they are the highest-risk assets and the easiest to liquidate.
Bitcoin dominance increases, and money moves to cash.
If a permanence below 2.29T occurs, at least a 5% TOTAL decline could turn into a 10–25% decline around
#Altcoin . Of course,
#bitcoin will also take its share from this decline.