A very clean Head and Shoulders (H&S) formation has been completed on the TOTAL chart. The left shoulder represents the early summer peak, the head represents the autumn peak, and the right shoulder represents the December-January period. The neckline is approximately in the 2.83T – 2.75T range. A break below the neckline technically signals a medium-to-long-term downtrend.
Currently, the total market capitalization of #total is around 2.55T. The likelihood of a rebound after the neckline breakout seems weak. The price is unable to retrace above the broken levels (2.75T – 2.83T). Sales are persistent, and rises remain corrections. There are no buyers in the market.
On the chart, 2.55T – 2.53T is the short-term support zone, 2.31T is the last major low and strong support, and 2.17T – 2.05T is the H&S target zone.
In the red dotted scenario I drew, I showed that a weak rebound followed by a test of a lower low is possible. These types of movements generally remain as liquidity accumulation. #altcoins
It would be wrong to expect a rise in the #crypto market until TOTAL rises above 2.83T again. Daily/weekly closes must be above this level for us to have hope for a rise. Without this, any rise will be a bear market reaction.
#Total #bitcoin