#ALT Market : Market Needs A Correction For Good.
#Market_Update
#ALT / #BTC
The overall crypto market cap chart excluding #Bitcoin is also showing a hint that we might see a correction sooner or later for the sake of overall economical market theory and general human behavior. By this we have been in a rush for a bull run starting from the last month of 2020 till the end of last week. It started to show a bearish sign by its indicators and already passed the 1% Fib level of the 2017 surge of the crypto currency market. But by saying this we are not concluding that the bull run is confirmed to be bearish at this point since we have to see some more factors as indications for the confirmation.
Indicators :
MACD : is still above the signal line which we might see a fall for a correction soon especially because of Bitcoin's dominance on the market.
Volume : Is fairly in good position though since we are still having more institutional money coming in to the market by which we have seen Bitcoin surpassing $1.5 Trillion USD last weekend. But we still needs some push ups to the upward side if we are aiming to see Bitcoin further to go a leg up towards the next resistance areas. But it seems unlikely that institutional traders might take a step back and stay to get into the market while Bitcoin corrects.
RSI : is at around 80 with an overbought sentiment. We still need some potential fundamental analysis for our RSI stability though.
Note : This is just an insight for the market and we would like to say that we are not still at the position to conclude our next move since we got to see the weekly chart closed for the next move. We will give updates on the market for more though.
With Regards.
#TeamTWA.
@togetherweaccumulate
#ALT / #BTC
The overall crypto market cap chart excluding #Bitcoin is also showing a hint that we might see a correction sooner or later for the sake of overall economical market theory and general human behavior. By this we have been in a rush for a bull run starting from the last month of 2020 till the end of last week. It started to show a bearish sign by its indicators and already passed the 1% Fib level of the 2017 surge of the crypto currency market. But by saying this we are not concluding that the bull run is confirmed to be bearish at this point since we have to see some more factors as indications for the confirmation.
Indicators :
MACD : is still above the signal line which we might see a fall for a correction soon especially because of Bitcoin's dominance on the market.
Volume : Is fairly in good position though since we are still having more institutional money coming in to the market by which we have seen Bitcoin surpassing $1.5 Trillion USD last weekend. But we still needs some push ups to the upward side if we are aiming to see Bitcoin further to go a leg up towards the next resistance areas. But it seems unlikely that institutional traders might take a step back and stay to get into the market while Bitcoin corrects.
RSI : is at around 80 with an overbought sentiment. We still need some potential fundamental analysis for our RSI stability though.
Note : This is just an insight for the market and we would like to say that we are not still at the position to conclude our next move since we got to see the weekly chart closed for the next move. We will give updates on the market for more though.
With Regards.
#TeamTWA.
@togetherweaccumulate
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