BTC, ETH, LTC, and other notable coins, in fact the total market cap, has been showing some impressive strength lately… but, there is a long way to go.
So here is the deal, you can look at the charts of the aforementioned, draw trend lines, look at moving averages, find patterns, etc and what you’ll see is a bunch of hopeful signs.
Wait, do we have a break above the 100 day ema on this pair, are the 50 and 100 about to cross on that pair, if I draw the trend line like this did it just break out with conviction, hmmm is that an Adam and Eve double bottom? Etc. List goes on.
Thing is, while there are these hopeful signs of a temporary or permanent bottom, and other signs of a leg up, and while there have been some nice green days recently…. that all has to be weighted against the grueling bear market that has beat down on us for over a year.
The set-up for a disbelief rally is there, or maybe just a setup for a run back to $6k – $8k (sort of mimicking the precent gain from the bottom we saw with XRP/BTC a while back)…. Like, the setup is there, but this overarching bear market has not rewarded hope in a long time, and thus I am no fan of getting hopes up.
As the reality is, the setup to simply “sell resistance before another leg down” is also there (and given the bear market, perhaps even more so).
Still, it is fun to be excited for what one might be HODLing anyway, or fun to look for a potential break of resistance as a trader, or I guess fun to look for a top to short, so the movement itself is exciting from a number of perspectives.
Feel free to flip open a chart to see what I mean above, or just use your imagination like the kids used to do before tablets and online gaming. 😀