What we can see unfolding is currently a 3 week retracement from the total crypto market cap ATH
. The yellow line is previous ATH
from 2018 and it may be a case of us retesting prior resistance. However, right now it looks eerily similar to the end of the 2016-2018 bull market and the beginning of the 2018-2020 bear market. Hopefully, this will just be a retest- we were massively oversold on the RSI
and in 2016/2017 we were oversold 5 times during the bull market, this time round we have only gone into oversold levels twice. So in that respect you could argue that we can still expect the bull run to continue throughout the year. However, if we fail to hold the yellow support line and continue to bleed at the current rate- I'd be worried that the party is starting to end.