Trading crypto you need to look at 3 (actually 4) charts:
* The alt you are interested in (skip this step if you only are interested in Bitcoin)
* The Bitcoin chart (a mix of several exchanges is necessary to smooth it imo)
* The crypto market cap chart (the one on trading view is a little different from the coinmarketcap one so make sure to check both)
Right now we can see that the pump stopped at the 180 billion mcap resistance.
We need bears to stay tame & bulls to prove themselves.
We all know (or we should) this pump was supported by trans-fee scam exchanges.
But now, regardless, we went up and real money bought.
To remain bullish we need a shallow retrace.
For the moment the selling is still pretty weak.
Something like this.
It is likely we print a new leg up, all the way to 225-250 billion market cap.
Last time the daily RSI was that high it was the 7 or 10 december 2017, around that date.
What we do not want to see is:
"If there are no dead bodies littering the ground, we did not yet reach the bottom" Beautiful quote by me, 2019.
Does not mean Bitcoin can not go retest 9k/11k or even start a bull market. Higher highs higher lows.
* The alt you are interested in (skip this step if you only are interested in Bitcoin)
* The Bitcoin chart (a mix of several exchanges is necessary to smooth it imo)
* The crypto market cap chart (the one on trading view is a little different from the coinmarketcap one so make sure to check both)
Right now we can see that the pump stopped at the 180 billion mcap resistance.
We need bears to stay tame & bulls to prove themselves.
We all know (or we should) this pump was supported by trans-fee scam exchanges.
But now, regardless, we went up and real money bought.
To remain bullish we need a shallow retrace.
For the moment the selling is still pretty weak.
Something like this.
It is likely we print a new leg up, all the way to 225-250 billion market cap.
Last time the daily RSI was that high it was the 7 or 10 december 2017, around that date.
What we do not want to see is:
"If there are no dead bodies littering the ground, we did not yet reach the bottom" Beautiful quote by me, 2019.
Does not mean Bitcoin can not go retest 9k/11k or even start a bull market. Higher highs higher lows.