Don’t be fooled: early signs of market reversal could be just another bears’ trap.
By the beginning of Tuesday, the situation on the cryptocurrency market remains uncertain. Despite the fact that Bitcoin - the indicator of investor sentiment - is hovering near a key level with murky prospects, no tension or panic is evident in the media or on the charts. It seems that market participants have learned to accept the things they cannot change, and are now patiently waiting for a sign to either buy or sell, without showing any initiative.
Market indicators are stable, no sign of rapid change.
Most positions show a slight increase in price, but after updating their lows over the weekend - this is no more than preparation for possible growth. We also find confirmation in key market indicators: the total capitalization grew just by $5 bln to $365 bln, Bitcoin dominance is consistently over 45.5 percent.
Bulls managed to fulfill the task that we set before them yesterday - not just to keep the price at $7,000, but to make an attempt at $7,200. There’s more good news - almost all of Monday, Bitcoin price lazily dragged along the boundary of the descending channel, but was finally able to overcome it at the end of the day. Now, the main resistance for buyers remains the range of $7,200 - $7,300.
As is often the case, good news is followed by bad news, and we do have some. The main issue of concern is growth without volume. The amount and size of transactions is incomparable to what we saw over the weekend. Since April 1, the bears have not shown their influence. Because of this, we are under the impression that big players let go of the price for a while, letting the little guys enjoy the market game.
If buyers manage to hold the price above $7,200 today, with or without significant volumes, and if we see some real action at this level, then we can start discussing a possible trend change. In this case, the next target for bulls will be the range of $7,500 - $7,700. Until then, the downtrend scenario remains relevant, $ 6,000 is still calling the bears, although their task is becoming much more difficult.
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By the beginning of Tuesday, the situation on the cryptocurrency market remains uncertain. Despite the fact that Bitcoin - the indicator of investor sentiment - is hovering near a key level with murky prospects, no tension or panic is evident in the media or on the charts. It seems that market participants have learned to accept the things they cannot change, and are now patiently waiting for a sign to either buy or sell, without showing any initiative.
Market indicators are stable, no sign of rapid change.
Most positions show a slight increase in price, but after updating their lows over the weekend - this is no more than preparation for possible growth. We also find confirmation in key market indicators: the total capitalization grew just by $5 bln to $365 bln, Bitcoin dominance is consistently over 45.5 percent.
Bulls managed to fulfill the task that we set before them yesterday - not just to keep the price at $7,000, but to make an attempt at $7,200. There’s more good news - almost all of Monday, Bitcoin price lazily dragged along the boundary of the descending channel, but was finally able to overcome it at the end of the day. Now, the main resistance for buyers remains the range of $7,200 - $7,300.
As is often the case, good news is followed by bad news, and we do have some. The main issue of concern is growth without volume. The amount and size of transactions is incomparable to what we saw over the weekend. Since April 1, the bears have not shown their influence. Because of this, we are under the impression that big players let go of the price for a while, letting the little guys enjoy the market game.
If buyers manage to hold the price above $7,200 today, with or without significant volumes, and if we see some real action at this level, then we can start discussing a possible trend change. In this case, the next target for bulls will be the range of $7,500 - $7,700. Until then, the downtrend scenario remains relevant, $ 6,000 is still calling the bears, although their task is becoming much more difficult.
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