TOTAL - Why This Monthly Close MattersCrypto Total Market Cap, $CRYPTOCAP:TOTALVIAQUANTThis is an updated outlook to this idea: In that idea I outlined how TOTAL was likely nearing the lows around $2T. I stated: "I am expecting a local low, if not the bear market bottom, to form between $1.9 trillion and $2 trillion." The low formed at $1.99 trillion, and since then the total market cap has added over $700 billion from that low to the recent high. Why This Monthly Close Matters August is about to have its monthly close in the next couple of days, and the total market cap is sitting at a critical level right now. Let me explain why. The $2.6 trillion to $2.65 trillion level (yellow ray) is arguably the most important crypto market cap level for distinguishing bear markets from bull markets. I have outlined some of the key monthly closes that have used this level as major selling pressure when price was trading below it, and major buying support when price was trading above it (yellow arrows). Take a close look at this chart and specifically notice how many times the monthly candles have closed right at this yellow ray. Once again, the market cap is about to close its monthly candle right at this same level. So what does this mean? Since price is still trading below this level, it should act as a zone for sellers to step back in once again. This makes sense when zooming into the lower timeframe, where the total market cap has now established a quad top around the $2.71 trillion level. You can find that related idea here: The good news is that the next major pullback from this level is likely to establish the next macro low before the true bull market begins. This gives us a very clean level to track money flow between bear and bull market conditions. As long as price continues closing below it, sellers can still regain control, and further outflows should be expected from this key market cap level. However, once price does close a monthly candle above this level, the entire dynamic flips. The $2.6 trillion level would then start acting as new support and demand, and that would likely kick off the next bull market. Once the market cap closes above it, it becomes highly unlikely we see another monthly close below that level, as the next bull cycle takes hold. I also want to outline something developing on the RSI. In my last idea I pointed out how the RSI was nearing the low (green trendline) and what happened after is price did find its low right there, with trend momentum beginning to increase off that level. Now the RSI has entered what I consider the midpoint of the trend. Looking at the heartline (50 level) of the weekly RSI channel, it has historically acted as either a bottom or a top depending on which direction momentum was approaching it from. I have outlined these periods with white boxes, since once the weekly RSI decisively broke above this median line, it served as another clear indication of the bull market beginning. Right now, it appears the RSI will close the month below this median line, which could look similar to what occurred last cycle as the monthly RSI was coming out of the bear market. Keep a close eye on both the RSI and the market cap at this key $2.6 trillion level heading into September. Another idea related to this, but specifically focusing on Bitcoin is this one: