Some interesting days are behind us. We saw a healthy correction during the last days. This was established after the renewed interest in BTC and ALTS starting half of April.
Something that was striking and showed itself was a market where both bears and bulls lacked real strength. Which indicates to me a market is ranging mostly. With an overall favorite short-term momentum for the bears.
However, bears couldn't capitalize on their momentum. And we had some signals we were setting up a possible beartrap. Some signs that showed themselves was that weakness was eaten up by the bulls. With no real increase. Dropping lower without breaking crucial support levels. We corrected with strength and never went back to the $8650 and 38.2 Fibbonaci retrace of the recent high at $9750. We dipped out of the smaller channel and dropped right into a larger channel.We kept making higher lows on the daily. I noticed that market sentiment became a little . A misplaced sentiment we can conclude now.
This was enforced with talks of manipulation and or whale behavior. I don't believe this was the case. It was more market conditions that were showing. And yes manipulation happens. But I have some theories and explanation that I can post why it isn't all that easy to do. And why it isn't so important. I would advise leaving all those shenanigans. And rather focus on what you see on the chart. And if you don't see much and it's hard to figure something out. Just don't trade and wait for a more favorable momentum that meets your conditions.
The current scenario that is in play, is that bulls are enforcing and trying to confirm their intentions. We pushed higher to $9860 minor . By this, we cleared the possible formation. The rejection at $9750 was less strong and bulls are trying to keep their momentum going. A minor formed at the $9600 area. With stronger support at $9450 and $9200. The targets we are looking for are at $10.200-$10.650-$11.065-$11.700. I'll make regular updates to this post. One last thing that stands out is, Altcoins correcting against BTC gains. Does this mean we go back to the good old days where it was BTC up > Alts down? Time will tell.
As always "good luck" and comments and likes are welcome,