There’s been some interesting trends on the bitcoin chart in the past few weeks. This is more visible on the daily chart and it clearly points out the market is currently in an uptrend. Since the visit to the $17k region in June, We’ve been getting higher highs and higher lows on the pullbacks when we look at the bitcoin chart. These moves take around 7–11 days to complete its journey from the pull back of the last high to form a new high.
Mostly, we’ve been getting red candles during the week, then the impulse moves to new highs during the weekends but on a few occasions we’ve seen the new highs created during the week, then the drop comes during the weekend.
If the trend should continue, this week is expected to be one of the few occasions where we get the impulse to move to a new high then expect the pullback by weekend or early next week.
If the trend does continue, I expect the next high should take us to the $25k region or higher seeing the last high was just a few pips shy of $24,800. I’d also expect most alts I’m keeping an eye on to rally, especially the likes of ETH, ENS, BNB and KCS.
My expectations are bullish for the week, however, a bitcoin daily candle close below $20,720 would completely put an end to this new trend. This is the trend critical support level and if broken would send us crashing down. Another important aspect of the trend worth looking at is the total market cap of crypto. If you zoom out a bit on the daily charts or take a look at the weekly, it’s clear the market is still in a down trend until a confirmed trend reversal or break.
What do other analysts see?
Today I am looking at the total market cap, just trying to look at the big picture at what is happening!! We can see the red horizontal trend line that is spanning from the Luna crash and up to where we are. The market cap has not been able to close a candle above this crash yet, so where does this leave us?
As far as I can see we are still in a bear market, with the overall trend still heading downwards! even though we have had a good few weeks of pushing up, and we have moved out of extreme fear into just fear! I really think this “Luna Trend Line” is very important to find out where we could go next.
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