No easy way to say it, but the crypto market is sitting on a very precarious level. The Total Market Cap’s weekly chart really shows how close the market is to another big drop.
The Volume Point Of Control in the 2022 Volume Profile is $950 billion. The Total Market Cap is currently below that level, meaning it’s easier for price to move lower than higher.
From an Ichimoku perspective, the Total Market Cap chart is in a clear bear market. Last week’s candlestick showed clear rejection against any move above the Tenkan-Sen (blue moving average).
If you’re looking for any support on the weekly chart, it’s not there. The only hint that the market could give that any further downside pressure is likely to abate is a response to time cycles identified in previous Litepapers and a weekly close above the VPOC and Tenkan-Sen – at or above $1.03 trillion.