#TOTAL2ES is looking bearish on the weekly timeframe, and will likely loose the strong support zone!
This is a chart most people do not track, and it's one of the most important ones to keep an eye on when holding #Altcoins long term!
Will this support area break and send the market lower or hold again?
The 617B–568B support zone on #TOTAL2ES has been tested twice now, and while it's holding short term, the structure is getting weaker with every retest!
The base case remains a breakdown below 568B, which would push the altcoin market toward 500B and trigger widespread capitulation across the board!
A reclaim above 782B would flip the script entirely and spark a major altcoin rally, but until that happens, caution is the play!
You can’t do deep analysis in the #Crypto market without looking at charts like #TOTAL2ES and others like it.
Focusing only on price is how people miss the bigger picture.
Inside the TXG Announcements Channel we post analyses like these every day to help you stay informed on the parts of the market most people completely ignore.
The 617B–568B support zone on #TOTAL2ES has been tested twice now, and while it's holding short term, the structure is getting weaker with every retest!
The base case remains a breakdown below 568B, which would push the altcoin market toward 500B and trigger widespread capitulation across the board!
A reclaim above 782B would flip the script entirely and spark a major altcoin rally, but until that happens, caution is the play!
Want to trade $BONK? WEEX is running a great deal for new users right now!
Deposit 100 $USDT, hold it for 3 days, then place your first futures trade of 1,000 $USDT, and you'll get 40 $USDT credited straight to your account!
Sign up here: https://t.co/QVeadhMPA1
You'll also be entered into a lucky draw with 100 winners each taking home a $500 bonus. Not a bad way to kick off your trading journey with some extra funds!
$BONK continued the consolidation above the $0.005770 support, but eventually made a breakout below it!
Price made a strong pullback lower that reached the major support at $0.003968, but did not make a sweep below it and managed to make a short term bounce!
$BONK will likely continue the major downtrend below the support at $0.03968, and go lower to find a new support zone!
$HYPE made the move lower as expected, without making a short term bounce!
Price reached the $55.47 level and already made a reaction from it, but currently it looks like it could continue lower!
If $HYPE turns bullish on the 4h it could stop the downtrend, but it needs to give the confirmation first!
$HYPE seems to be in a strong downtrend, and will likely continue lower after the short term bounce it made!
The next target sits at $55.47 but the pullback will likely continue lower, as long as the 4h does not close above the invalidation point the setup is valid!
Price could make a small bounce before it goes lower, but if $BTC makes a quick move down then $HYPE will follow without any bounce!
US inflation just rose to 4.2%!
The print came exactly in line with expectations, but it still shows inflation is holding firm at these levels!
For risk assets and #Crypto, this kind of data usually means continued short term pressure and elevated volatility until the Fed’s next steps become clearer!
@BRICSinfo Conflicts are picking up again in the Middle East, increasing uncertainty once again since the previous statements were pointing towards a deal!