Crypto Market Down For 3 Weeks, Is it a Short-term Deviation?

• Michael Pizzino tweeted that the crypto market has been down for 3 weeks and posted a negative 9.8% return.
• The total crypto market cap is valued at $1.13 trillion after witnessing a 1.90% decrease over the last day.
• Crypto’s total market capitalization might be at risk as a head and shoulders pattern was formed.

Sharing his observations, Michael Pizzino, a well-known crypto analyst, tweeted that the crypto market has been down for 3 weeks and posted a negative 9.8% return. He further mentioned that the stock market continues to climb, despite crypto’s fall. Moreover, the crypto analyst questioned whether this downfall faced by the market could be a “short-term deviation.”

The crypto analyst further expressed, “I’m macro-bullish on Crypto (& most assets), but the path forward isn’t always clear or straight. Crypto’s transition is much more stagnated than the stock market, but some interesting similarities exist.” Apart from Pizzino, many members of the community believe that the crypto market is observing a downtrend, however, it may also experience a surge over time.

According to CoinMarketCap, the total crypto market cap is valued at $1.13 trillion after witnessing a 1.90% decrease over the last day. Moreover, the total crypto market volume over the last 24 hours was recorded at $33.03 billion, after experiencing a massive spike of 14.97%. The current Fear & Greed Index is valued at 51, indicating that the traders may have a neutral behavior towards the crypto market.

Earlier, the total market cap of crypto formed a head-and-shoulders pattern which triggered the downtrend path. However, irrespective of the massive fall, the bulls may have rallied to the crypto market’s side which created an opportunity for a spike in its value.

Similarly, the 1-Day Chart above shows that the crypto’s total market cap is witnessing another head and shoulders pattern. Moreover, it seems that the head and shoulder pattern may finish soon, causing a tremor in the downfall pit. As soon as the crypto market begins its entry, traders may observe lower lows forming until the crypto’s total market cap reaches the exit. However, there may be a chance that as soon as the downfall tremors end, bulls may rally to the crypto market’s defense.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.