Crypto still in bear market.. Will this end soon?

As BTC/USD keeps falling, the whole crypto market has been going down as well. Bitcoin price bounced at a bit above 6,000 USD/BTC and is currently holding ~$6,500USD/BTC. It looks like it's forming a triple bottom. In this post, I'll update the previous technical analysis on the total market cap chart. In the previous post, I discussed the formation of a falling wedge and possible 'inverse head and shoulder pattern' and it appears that they are still intact as shown in the charts below.

The upper treandline of the falling wedge as support!

The total market cap broke out of the falling wedge but the market liquidity is still low. A lack of liquidity led to the throw back but for now, the upper treandline of the falling wedge worked nicely as a support line. If BTC doesn't break $6,000, then there is a good chance of the completion of the head and shoulder pattern. If BTC breaks down, then the total market cap would test the $250B support again - double bottom in this case.

The head and shoulder pattern looks still intact

As you can see in the chart below, the total cap is either in the middle of forming the second shoulder or testing the previous low of $250B. We will have to wait and see if BTC can break out or break down of the descending triangle. Although we hear more positive news on crypto these days like ETH is not a security, the market volume is still low. This market may need more high impact news to push the price higher (or the other way) like bitcoin ETF and G20 crypto regulation.

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Disclaimer

I am not a certified financial advisor. This post is just my personal opinion and not financial advice. Please do your own research and do not trade just based on my posts.