While the market, as always, got fully negative and trolls are everywhere, let's have a look at the Total Market Cap and Alts. Market Cap:
1) Both Market Caps, Total1 & Total2 are above the 21W EMA
2) Many Alts recovered fully from the dip (for example Algorand now in 40% gains today).
3) BTC has a hidden bullish divergence on the RSI.
So what does this tell us?
1) It is normal to have a 20% correction in a bull run.
2) We are still in a healthy bull market
3) Many traders bought the dip
Is the dip over? No, it is not. We are to expect a relief in the coming days followed by another dip. The daily RSI and 4H RSI need to set new highs and new lows to create a pattern for the market forecast from here.
Should you buy the dip? I will never answer that to anybody. It all depends on the timeframe you're trading and strategy. Personally I loaded tons of XRP... holding till we reach ATH of this cycle.
1) Both Market Caps, Total1 & Total2 are above the 21W EMA
2) Many Alts recovered fully from the dip (for example Algorand now in 40% gains today).
3) BTC has a hidden bullish divergence on the RSI.
So what does this tell us?
1) It is normal to have a 20% correction in a bull run.
2) We are still in a healthy bull market
3) Many traders bought the dip
Is the dip over? No, it is not. We are to expect a relief in the coming days followed by another dip. The daily RSI and 4H RSI need to set new highs and new lows to create a pattern for the market forecast from here.
Should you buy the dip? I will never answer that to anybody. It all depends on the timeframe you're trading and strategy. Personally I loaded tons of XRP... holding till we reach ATH of this cycle.
Unless you figure a way to make money while you sleep, you’ll work till you die.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Unless you figure a way to make money while you sleep, you’ll work till you die.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.