Many of us got excited recently when a huge BTC move made all alts go with the flow a gave a scent of a possible bull run, The signs however are somewhat mixed, lets see:
Plenty of buy orders since august in this range, The RSI shows a break in the trend, beginning with a bullish divergence and the volume looks solid, and the MACD has already crossed on the daily, there was also an RSI bullish divergence, also the stock to flow model shows there is still a fair bit to go in order to go bearish. The 200 EMA is acting as dynamic support with a golden cross, among other apparent signals.
However, the buy orders have been happenning since August with no significant price increase, and BTC is approaching a huge resistance, the MACD hasn't yet fully crossed to the upper sidei and can bounce on the 0 line, also if we take a look at the dominance chart we can see that the RSI has gone over the 50, candles above 50 EMA , PSAR is at bottom.
Also the TOTAL2 chart shows the RSI is just touching the RSI coming from a lower low, and that the descending trend hasnt been yet broken.
Conclusion
Although all apparent signs are there i still feel that the market is highly manipulated and that quick push feels just too easy. also the overall sentiment hasn't yet changed.
A large bulltrap or a possible bull run, everything is still 50-50, but time has showed that manipulation is in place, so im tending towards bull trap.
Short term: bullish
Long term: bearish
This study is for entertainment purposes, not financial advice, just an opinion from a guy on the internet. Stay safe
Plenty of buy orders since august in this range, The RSI shows a break in the trend, beginning with a bullish divergence and the volume looks solid, and the MACD has already crossed on the daily, there was also an RSI bullish divergence, also the stock to flow model shows there is still a fair bit to go in order to go bearish. The 200 EMA is acting as dynamic support with a golden cross, among other apparent signals.
However, the buy orders have been happenning since August with no significant price increase, and BTC is approaching a huge resistance, the MACD hasn't yet fully crossed to the upper sidei and can bounce on the 0 line, also if we take a look at the dominance chart we can see that the RSI has gone over the 50, candles above 50 EMA , PSAR is at bottom.
Also the TOTAL2 chart shows the RSI is just touching the RSI coming from a lower low, and that the descending trend hasnt been yet broken.
Conclusion
Although all apparent signs are there i still feel that the market is highly manipulated and that quick push feels just too easy. also the overall sentiment hasn't yet changed.
A large bulltrap or a possible bull run, everything is still 50-50, but time has showed that manipulation is in place, so im tending towards bull trap.
Short term: bullish
Long term: bearish
This study is for entertainment purposes, not financial advice, just an opinion from a guy on the internet. Stay safe