A higher low is in on the daily has been established, however we need momentum and follow through at around 8350 to continue this trend. I would only take this trade if the volume matches the trend as i think it will be a low RR trade and most likely be the exhaustive final impulse at most testing the 8900-9000 range. I think this range will be quite resistant. Supports at .236, .5, and .786 levels.
On the flip side (but not impossible or unlikely), This could very well be the top of another false rally. We have had wider bases and tighter tops with less follow through. Also, this rally is not a product of a new influx of capital. The truth is that its from a re-distribution of alt coins to bitcoin holdings in anticipation of an ETF which will most likely not be approved. We saw how the market cap didn't move much while alts dumped and bitcoin rose. If there is anything to be traded in the midst of all this its the predictability of human nature. History does not become destiny but when it comes to how people respond, well,..we haven't changed much in 10,000 years.
On the flip side (but not impossible or unlikely), This could very well be the top of another false rally. We have had wider bases and tighter tops with less follow through. Also, this rally is not a product of a new influx of capital. The truth is that its from a re-distribution of alt coins to bitcoin holdings in anticipation of an ETF which will most likely not be approved. We saw how the market cap didn't move much while alts dumped and bitcoin rose. If there is anything to be traded in the midst of all this its the predictability of human nature. History does not become destiny but when it comes to how people respond, well,..we haven't changed much in 10,000 years.