Crypto Market OverviewOleg Alexandrov
#Crypto market heat map is extremely green today. Let’s view the Renko Chart of the TOTAL. Where we had a bullish message from chart.
- #Panic Wave. Extremely high volume on big decline red-wave
- The volume decreased significantly on this decline. Probably, bears are “tired” after the long run. In other words – selling pressure has exhausted. Note #SLKB
- This is an increase in volume that could be interpreted as a) bearish effort to break down previous lows of waves 1 and 2 or b) Trap for bears.
When the price broke up the orange line, the chart tells that option B better answered. So, we got Panic + SLKB with NS + Trap Reversal. This is a sequence of strength. Note the volume on wave 4 is increasing (healthy demand). So, current behavior can be interpreted as bullish. But do remember – we have a 3-months major zone of weakness overhead.
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