That buy volume is the biggest it's ever seen in a short time frame, and we are at a strong price support.
Plus, the media and SEC hearing are really legitimizing cryptocurrency and blockchain. People are getting interested.
Bitcoin needs to put in a convincing rally before it can go lower. Even as a bull trap, it can do this and still remain bearish long term with a lower low to follow later in the year.
In fact, I think this is fairly likely as BTC loses more market dominance to Ethereum and other altcoins like NEO, VeChain, Stellar. Hopefully they "decouple" and hold their own prices next time BTC dips.
Currently it is also correlated with the stock market. If the short VIX catastrophe doesn't cause systemic meltdown, then all risk assets and crypto should turn bullish again.
Plus, the media and SEC hearing are really legitimizing cryptocurrency and blockchain. People are getting interested.
Bitcoin needs to put in a convincing rally before it can go lower. Even as a bull trap, it can do this and still remain bearish long term with a lower low to follow later in the year.
In fact, I think this is fairly likely as BTC loses more market dominance to Ethereum and other altcoins like NEO, VeChain, Stellar. Hopefully they "decouple" and hold their own prices next time BTC dips.
Currently it is also correlated with the stock market. If the short VIX catastrophe doesn't cause systemic meltdown, then all risk assets and crypto should turn bullish again.
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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.