We have a positive week behind us with the crypto total market cap growth.
However, crypto failed to create a new higher high and both EMA 100 and EMA 200 were respected on the daily chart.
The drop started on February 10th when new CPI data was reported and both crypto and indexes went down. We also have DXY strengthening with an uptrend both on the daily and weekly charts.
Looking at the next key levels to watch, I wouldn’t be surprised to see still see some bearish movement towards 1.55T, and if we break that level to continue further down to 1.19T Crypto Total Market Cap.
If we look at positives, illiquid supply keeps rising, looks very healthy, and Bitcoin hodlers and hodling. The influx of stable coins to exchanges is an interesting point and bulls could be right that the cash is just ready to be deployed.
However, I think there is a higher probability of having a bearish or going-sideways week ahead of us as cash hasn’t been deployed yet (assuming the influx of stables is pending deployment), EMA 100 and EMA 200 is still being respected, DXY is on an uptrend and we’re seeing high uncertainty due to Russia/Ukraine tensions.