MARKET HEALTH CHECKUP – HOW HIGH CAN CRYPTO GO? HOLDING SUPPORT FOR CONTINUATION
Okay, so its a summarized view of the crypto markets, you know its a condensed view. Basically, it condenses all the projects into one. The ticker is total. Okay, you can come to uh trading view and just search total and thats, where you find it. Okay and its just good to have a look at that, you know you just see sort of how healthy were looking or you know any resistances and support, because this works like any other chart. Okay, it can conforms basically so yeah. I just want to say thank you for your support. Thank you for all the really nice comments and the likes that you keep doing on all the videos and thank you to all the patrons as well and were now above 50. 000. Followers on twitter, so thats, amazing, so yeah, you know ive got a little thought experiment going on with some of the coins at the moment. I do. I expect us to sort of bottom out around about the second of october and then sort of pick up towards the 11th of october, which would be amazing. Okay, i am seeing some alts on some of the charts. I am seeing a bot man structure on the 27th of october, which is monday, so you might see some kind of rallying and some some also ethereum, especially uh by monday lets watch. This space lets see what happens on that, but yeah. So far so good, like i said to you, we move up in waveforms.
We always come back to support as long as we hold support, youre great for continuation. You know, and and people tend to themselves when were coming back, but this is crypto. This is what it does remember here. Look we bolted. We bottomed out here we bolted on it, one two, three, four, five, six, seven, eight weeks without a correction, weve had a three week: correction. Everyone thinks were entering a bear market. You know youve got to take the rough with a smooth, remember that this is crypto. It has your pants down, and this is what it does. People come into it thinking, theyre gon na get rich overnight. It doesnt work like that: its a long game, its a long drawn out game and its a patience game; okay, and as long as youre doing and holding structural support youre great for continuation, and that is exactly what uh the total market cap is doing right here. Okay, youre forming a cupping handle just here, which is a bullish continuation pattern. You know in this previous correction here as well. I remember this look its. What were in test frame weve got this wave one, and this extended wave two okay and, as we start to come back up, you know we created a level of resistance for ourselves. Just there look, we came back to a key level support creating a beautiful handle and then, when we broke out you know we met a technical target of this cup and handle uh.
You know and some obviously, as you can see, you know you broke out – you come up boom target, matt, okay, but down here everyone will be scared. Oh no were into a bear market, its a whopping correction and again right here. I think you know you youve come up just there and youre, creating this beautiful cup and handle youre coming back to a level of support, as you did down here. Okay with this handle, and then you start to pick up and once you break this level resistance. Youll be in a technical target again, as you was before. Okay, so you know its what im looking at im seeing this on a lot of projects? Okay, so once we break out youre looking at a forecast of around about 3.742 trillion dollar market capitalization of crypto, which obviously it sees every single project, appreciate across the board and youre going to see a flip and an upside. But the question is when okay – and this is this is something i dont usually do, but ive been trying to sort of experiment, late lately and kind of get a kind of idea of when that particular one is so im just going to do it on here. So ive been using this fin based trip uh fin base. I keep saying thats the name of my son finn, so its a third column down and its called trend based fib time. Okay. So what were going to do is drop it on this local high, which was a well its, not a local high, sorry, its the previous bull market high.
It used to be a local high, but weve smashed through that. So this is a previous bull market high. Just here for crypto, okay and what we do we go to the bear market low, which was in 2018. I remember it very well so just there and then we go to the cycle high of wave, one which we believe is wave one. Okay, so you can see on the fib trend based fifth time. You can see that we rolled into this wave two correction. Just there we start to pick up just as we came out of the zero three eight two. Do you see that so, just as we started to come out, we start to pick up, but then we were doing really well and then we had the unforeseeable black swan corona dump just there. Do you see that so with that capitulation, but that, like ive, shown you so many times in so many videos? This is how strong bitcoin was crypto was you know we continued and we started to form that monster third wave right there, because this is what were looking at. Okay were looking at wave one here, wave two which probably come down about here, but we have to go from here for technical reasons and then wave three and we think were putting wave four right now and right now were starting to form wave five. Okay, up to the 11.7 trillion dollar market capitalization for crypto, but its all about where this low is okay, are we putting in a monster abc correction here or have we load? How have we done the abc any of wave 4? And are we really getting the party started? This is the big question.
Thats you know looming over everyones heads is the correction over. Are we going to top out here and roll into a bear, or are we going to break this little resistance after falling back to a key level of support, and are we going to break out well if we do fantastic, if we dont, you know, youve got Your support levels – and you know it offers even greater entry points in the bear down here. If we get the bear like down here, wouldnt you like to have been buying crypto down here. I know i personally would get that opportunity again and it will come again, but i dont necessarily see it at this moment, not until we lose structural support and its something weve not done in the entirety of this correction. Weve not lost any key support here. Okay, this is why youve not seen me say, were in a bear market or were entering a bear market. The confirmation of entering a bear market is, if you lose this low and thats always been my projection. It will never change okay. So if the the crypto market cap was totally, you know to absolutely itself here and roll over and lose this low, then yes, you know youve come up. You created a double m top pattern on the on the total crypto market. Cap and youve got a correction. Okay and youve got a correction on your hands and this is a larger wave four than we anticipated, but i dont see it.
You know the only the only kind of way i do think that that would potentially happen is, if you have another black swan event, or some kind of you know unforeseeable event in the world that causes that capitulation here for crypto, because for me, crypto is extremely Bullish im looking at inflation im looking at the dsy breaking down in a heavens head and shoulders pattern as well, which is equally good for kryptos youre, fully aware, if you stay tuned to the channel, so yeah i mean its all good till its. Not do you understand that, and this is why i still continue with my projections to the upside, so you know enough babbling to apologize. You can see that this load to this high projected on the the based fib time. It projected this number two to the absolute top look at that beautiful, beautiful. Look at that absolute top. Look at that, so this projected the top for two and, if youre familiar with the four experiments that ive been doing lately. You know this has been knob on for bitcoin xrp. You know its absolutely a godsend, so were going to pay attention to this going forward, because i do think you know weve topped out their way. Free weve had way for correction down here. Okay and right now were looking to continue in the market, were coming back for support, were forming a beautiful cup and handle pattern, and if we can break out here, youre looking at a continuation, arent you and youre, looking at pushing onwards and upwards to our projections.
Just here for crypto and total market capitalization of crypto as well moving forward so yeah, i mean just based off the fib here. If i drop the um fib office load to the here, you can see that our next projection basically is 1.618, which is 4.3 trillion, and i think you know off this cupping handle here youre looking at something like that arent you look boom, so thats a bit Of confidence that youre going to sort of march on here, once you break this level resistance. So if you start to see crypto come back up and break that level resistance, its great for itself, 2.44 trillion youre, looking at continuation, youre, looking at a minimal one, six, one eight and a technical target up there of around about three point: seven trillion. So its looking good providing you can hold support, start to come back up and break resistance were looking fantastic here for continuation its if you lose this support down here. If we lose this low thats really negative, you start to fall down youre losing a 55 ema. Like i said to you, you know if youll start to roll down youre losing a 55 ema youre, creating a death cross, thats confirmation statement, youre losing structural support, which ive shown you so many times of a massive descending triangle. Just here you know its basically coming into the apex loose, but confirmation bear market just there. So you know i dont foresee it because this to me is not a triangle, its not a descending triangle, its potentially a double top okay.
It is potentially a double top. If you come up like this and you come down and you lose this youre looking at a double m top pattern, you will be looking at a whopping correction down there potentially coming down. You know to around about half a billion half a trillion. Sorry market capitalization for crypto, but who knows i dont, i dont necessarily foresee that to be honest with you, because i think that cryptos were doing really well. You know theres a lot of obviously speculation in the space, but there is also equally fantastic, fantastic projects. Moving forward – and you know there is so yeah thats – basically crypto total market capitalization, its looking relatively good for me for continuation uh, and i do think that once we break this level, resistance, just here were looking at continuation. Obviously, but i just want to show you a couple of more patterns, basically that im seeing here for crypto, so basically on the daily time frame here, you know i do anticipate that we might be putting in another lower low here because i do think were moving Down in waveforms, okay, i do think were coming down like one two, three four and you might see a little bit of a low coming down to this sort of trend line down here. Okay, so you might see us drop down to around about 1.6 1.63 trillion. Just there putting another lower low and at that point, what youre going to do here because youre putting in a bit of a rally here like this a lot over the next few days.
But i think you know come by the end of next week. You might be down here bottoming out for crypto, and if you look in the rsi there, what youre going to do is come up a little bit like this and youre going to come down and youre going to create a beautiful bullish, divergence there for me thats What thats, what potentially happened here for crypto if we do put in this low and at that point, thats your low okay? This is your low, and this is where were going to bottom out for crypto were going to start to march on, because, like i said, i think september i did say to you september is nasty. I did anticipate that we would sort of do it towards the first of september got a little bit overextended. We met a technical target of this ascending triangle, which we gave you in a previous market. Health checkup then hit that level of resistance. You know creating this resistance, this beautiful handle and right now youre coming back, creating this handle right here. Okay, coming back coming back to support once you break that trend line of resistance to the upside that my friend is when youre looking to break that resistance and youre looking for continuation of the ball just here for crypto, and i do think that at that point, Youre just putting in this wave two correction as well, so you know you got a one two three up there out of there.
Three four five. Basically, you know elliott way theory, but i could be completely wrong and the way to invalidate all this is, if you roll over here and lose this low okay, you roll over and lose this low around. Here i did say this to you: you start to roll over and you lose 1.13 trillion dollar market cap youre, putting in a whopping double m top pound, which is a major reversal plan and youre looking to enter a bear market multi year bear market as well. You know so thats basically, crypto is for me its looking good because youre holding support youre above for 20. You know you can afford to come all the way down here to the 55 and bounce off it like you did here and still be bullish because youre putting in a high a high a low, a higher low and then potentially about ukraine and a higher high. So youve had your correction just here in this particular downfall, and then youve come up and youre doing something like this. You see that so yeah its looking good youre, looking relatively good for continuation, providing you can hold support, moving forward so thats just a little health checkup for you on crypto now is there anything else? Yeah i do think there is. There is a trend line here that um crypto kind of adhering to at the moment lets take a look at this okay so way since way back there look, you can see that pretty much crypto the total market capitalization is adhering to some kind of trend line At the moment doesnt mean it has to, but we could sort of target this as a little bit of zone a little bit area where we could potentially get a little bounce.
If we, if we do, have one more correction, because you can see you know, weve had a touch just here, just there just there just there and potentially you know if you start to roll here and come down and have a bit more of a correction and Come down to that particular target, i told you just here this way you get a little bounce off this trend line, you know and bounce up and continuation, and you form that beautiful little handle there breaking that resistance break, that resistance boom youre.