Each plunge in this downtrend has been a little less deep than the former one. That is, there is still a lot of interest in buying crypto.
An often cited onchain analysis, the Entity-Adjusted Dormancy Flow, shows that a potential bottom may have been reached in the current downtrend. At least historically, its current reading has well marked market bottoms.
State of the market The downtrend in the crypto market has been continuing as Bitcoin has crashed through $46k support and is now at a cruicial higher time frames support level of $42k. Despite being recently stronger than Bitcoin, Ethereum also did not hold $3600 and crashed towards $3200. What caused the crash? A driver …
In this weekly Bitcoin chart, you can see that Bitcoin recaptured the 51k level and it looks like the recent downtrend since mid November might be broken. Pretty comparable to the change in trend in the end of July and end of September when the bull market resumed. Raoul Pal and others suggested that a …
State of the market Crypto markets keep consolidating this week and Bitcoin’s price trend is leading downwords as it still creates lower highs. However, important levels of support held so far as Bitcoin hovers still above $47k. Inflationary environment and counter measures A cruicial event this week has been the FOMC meeting, in which interest …
State of the market Bitcoin is still in a downtrend and probably is about to further consolidate throughout the rest of the year. A test of lower price levels around $42k to $43k seems possible and as long as its stays above that level, the outlook for Q1 of 2022 remains bullish. A drop to …
State of the market In this week, Bitcoin kept trending south, making lower highs on the chart. $56k held as support (see the blue line). But $60k could not break so far. Breaking $60k would be clearly a bullish signal. However, we are not there (yet). Thus, the market is a bit boring right now. …
State of the market After a relief rally taking Bitcoin to $59k and some altcoins showing also some nice relief rallies, we observed a hefty drop all across the crypto market today. Bitcoin erased all its relief gains and printed new lows around $53.5k. Ethereum dropped to $4k. Ethereum still looks a bit stronger than …