Total crypto market (CRYPTOCAP:TOTAL) compare to BTC/USD -1D
Assumptions – Fib retracement
From 1.98T total market cap to 1.864T total market cap is 116 mld USD. Assuming this correction would be only on Bitcoin - it gives us 7.65% correction of BTC price (why only at BTC? Because this same moment BTC domination will go higher and pump out assets from altcoins).
Currently price of BTC 46 500 $ - 7.65% of correction is approximately stop at 42 950 $ - close to FIB 0.382 at BTC/USD chart. I assume a fast rebound from this level to get above 200 moving average – next move close to drawed path.
Healthly consolidation above 40-43k BTC/USD – very important test 0.5 fibonacci retracement – best 0.618 at 51k
From 1.98T total market cap to 1.864T total market cap is 116 mld USD. Assuming this correction would be only on Bitcoin - it gives us 7.65% correction of BTC price (why only at BTC? Because this same moment BTC domination will go higher and pump out assets from altcoins).
Currently price of BTC 46 500 $ - 7.65% of correction is approximately stop at 42 950 $ - close to FIB 0.382 at BTC/USD chart. I assume a fast rebound from this level to get above 200 moving average – next move close to drawed path.
Healthly consolidation above 40-43k BTC/USD – very important test 0.5 fibonacci retracement – best 0.618 at 51k