Technical View On Crypto Market Cap Jan 15 2018

Volume Outlook

The rounded top created between 14-15th Jan looks alot like a Cup and Handle formation, with a slightly ascending base. The gradual, slow move up today is the handle. If the trendline breaks and price moves below the 682 Bln low, we may see further volume losses and a move to test the 675 Bln low. A failure here and a likely outcome is an accelerated move down in line with the pattern.

Crypto bulls would prefer volume to take out the 715-20 Bln level to open up for a move above the high on this chart around 750 Bln. A sharp drop and sell of could easily take volume below 600 Bln, as the target of the C&H is about 600 Bln.

Market Tendencies

Bitcoin continues to loose its market share overall, and is currently at 32,8 %. Total 24 hr volume is also shrinking by the day. It is a good idea to keep an eye on an up tick in this volume, as it may be the first sign in a larger growth move.
Ethereum increases its market share to 18,4 % after putting in a longer term low on Dec 8 at 9,3 %. The Eth market share growth is expected to continue.