There is some reason for concern in this market.

As I said a few weeks back, the recent crypto rally was NOT the first higher high since the market peaked in Q1'24.

In fact, we've seen several HH's for $TOTAL that rolled over.

In past breakdowns below the former high, total crypto market cap has fallen & retested the lower bound of the regression channel.

I don't know if the same pattern will repeat this time, but the breakdown below the blue range (and the failed breakout) looks quite similar to the recent ones.

Am I bearish here? No.

Is there reason for concern? Sure.

But here's the thing: there's almost always reason for concern. I'm just highlighting part of my process and how I'm viewing price structure.

If you disagree with this post, great.

If you agree with this post, that's also great.

Doesn't matter to me.

I'm just showing what I'm seeing.

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