As an intro I'd like to remind everyone that we are in a bear market. I see many people claiming we are in a bull market, but it's not true. We are trading below the 200 Daily moving average and the 50 DMA is below the 200 DMA, so technically we are officially still in a bear market. Also, we have not made any higher high.
I'd like to give you 3 reasons why this could have been a bear market rally and we are just continuing going down the stairs on the way of making a lower low:
1. If you look at the last week of July in 2018 we had the same bear market rally which ended by a rejection of the 200 Daily Moving Average around the price of 8.6k and we kept going down until we bottomed at 3.2k. (It took us ~230 days to get there)
2. The CryptoVN_Trend gave us a second sell signal on the daily chart which always leads to the price going down
3. If you look at Heikin Ashi candles the last daily candle was a doji candle with long wicks on each side - this is a trend reversal candle, so we can expect at the minimum a few days of red candles.
We do however see a ton of bullish signs as well, but right now I believe we will see a minimum of 8.2k, likely at least 7.5k ... but don't be surprised if 1-2 months from now we are in the 6k region again.
I'd like to give you 3 reasons why this could have been a bear market rally and we are just continuing going down the stairs on the way of making a lower low:
1. If you look at the last week of July in 2018 we had the same bear market rally which ended by a rejection of the 200 Daily Moving Average around the price of 8.6k and we kept going down until we bottomed at 3.2k. (It took us ~230 days to get there)
2. The CryptoVN_Trend gave us a second sell signal on the daily chart which always leads to the price going down
3. If you look at Heikin Ashi candles the last daily candle was a doji candle with long wicks on each side - this is a trend reversal candle, so we can expect at the minimum a few days of red candles.
We do however see a ton of bullish signs as well, but right now I believe we will see a minimum of 8.2k, likely at least 7.5k ... but don't be surprised if 1-2 months from now we are in the 6k region again.