Nuetral, with a bearish bias, number of TA reasons for this:
1. We hit the May 2018 and the 50MA resistance yesterday around $128, and immediately hammered down from the attempt. This trend line from May is very strong, and hasn't been passed during the bear market.
2. RSI bearish div and triple top on 4H charts. Hidden bear div on D chart.
Fundamentally
1. Bearish: LTC is leading this move. I mean, nothing against litecoin, but there's too much greed and hope in the market in my opinion. LTC is 12x the price is was 2 years ago. This is a suckers rally. (Money to be made though)
2. Bearish: Altcoin marketcaps - though it's tough to measure because a $150MM altcoin may only have $30MM of money within the network. The limit of the trading supply by people holding, locked tokens, keeps the market caps higher.
3. Bearish: It appears that most people think this is the bottom.
4. Neutral: Macroeconomically, there's a lot of uncertainty. The world is overdue for an economic recession in terms of historical frequency. This is becoming apparent in the amount of socialistic ideas gaining popularity around the world. Will we have a healthy, powerful economic detox, or continue towards a more socialistic world? According to generational theory, we are in the crisis phase. Same generational era of WWII, US Civil War, Revolutionary War. I am unsure how crypto will fare, but I would like to believe in the long term it will be a positive thing. Short term, people will be losing jobs, inflation will increase cost of living, debt will possibly be harder to pay with interest hikes, and people may want to sell their crypto to ensure that they will be financially able to survive... Lots of factors here.
1. We hit the May 2018 and the 50MA resistance yesterday around $128, and immediately hammered down from the attempt. This trend line from May is very strong, and hasn't been passed during the bear market.
2. RSI bearish div and triple top on 4H charts. Hidden bear div on D chart.
Fundamentally
1. Bearish: LTC is leading this move. I mean, nothing against litecoin, but there's too much greed and hope in the market in my opinion. LTC is 12x the price is was 2 years ago. This is a suckers rally. (Money to be made though)
2. Bearish: Altcoin marketcaps - though it's tough to measure because a $150MM altcoin may only have $30MM of money within the network. The limit of the trading supply by people holding, locked tokens, keeps the market caps higher.
3. Bearish: It appears that most people think this is the bottom.
4. Neutral: Macroeconomically, there's a lot of uncertainty. The world is overdue for an economic recession in terms of historical frequency. This is becoming apparent in the amount of socialistic ideas gaining popularity around the world. Will we have a healthy, powerful economic detox, or continue towards a more socialistic world? According to generational theory, we are in the crisis phase. Same generational era of WWII, US Civil War, Revolutionary War. I am unsure how crypto will fare, but I would like to believe in the long term it will be a positive thing. Short term, people will be losing jobs, inflation will increase cost of living, debt will possibly be harder to pay with interest hikes, and people may want to sell their crypto to ensure that they will be financially able to survive... Lots of factors here.
Comment:
It was a weak day, target is around $110, hitting the lower support line from $80. If it turns around and continues as a bull flug, I expect around $145. We are reaching a critical moment with the price, and the coming weeks will tell us whether we are still in a bear market or not.