The bulls are back! Well, at least they are back for the past two days. When traders noticed that all, or at least most coins were oversold, the dips were being bought. As for today BTC is being traded for 3800$, two days and one year after Bitcoin’s famous ATH of $20 000 (all time high).
After Bitcoin hit the 3700$ mark, it is clearly a time to search for profit. But there is more to come with crypto. Our data analyst saw a climb of crypto buzz in social networks and this time there was more fake news compared to a few weeks ago. Which indicates an upmarket in some way. When a market is going up, there is always supposed to be a kind of Fear Uncertainty and Doubt or better said “FUD” sentiment. In a psychologically driven trade able market, there is always a catalyst to the downside. Some traders use fake news to cover up or to contribute to a extreme volatile market. It is strange, but the phenomenon has happened many times before. In or outside of the crypto market.
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What will happen next, what does SignalAlert think about this?
We definitely spot a change of sentiment in traders. We have seen volumes changing in the last couple of days rapidly. Today there is more then 20 Billion$ volume, which is for now 18.8% of the whole market. These numbers are promising and we could face some kind of recovery. Going back above 250Billion$ would be quite positive minded, but always stay realistic in bear markets. Which means don’t be surprised that this uptrend on the short term is a bear flag.
A bear flag indicates another downswing followed by traders and tradingbots to gain profit in a short momentum. Read more about Patterns on Investopedia.
So, the Bitcoin chart is opposed to two different states of chart. The first one indicates the “downmarket” which is the potential Bear flag. And the second one is the Inverted Head & shoulders pattern. This indicates the opposite of the Head and shoulders pattern. The casual Head and shoulder pattern indicates a downmarket and the Inverted one indicates an upmarket.
As for investors, they are less concerned about the small gain in crypto for the last few days. Some coins fell more then 99% which really indicates a terrible investing option. There are no physical signs for a fully speculative upmarket. Investing in crypto might be cheaper compared to last year times 100 so be sure you make the right choices. Never forget to think before you invest, Do your own research, always.
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