Are We In Bear Market? Crypto Market Update
In this blog, I have shared a general overview of the current crypto market, Bitcoin and the Alts
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A lot of people get bullish and bearish easily and start investing without proper information and guidance, There is a lot of volatility in the crypto market and it is really not easy to say which way the market will go next. Today I will help you figure out the current market a little bit better.
It is safe to say that bitcoin plays a major role in deciding the market direction it plays the major/leading role and the rest follows. If we a look at the bigger picture (1D Time Frame) the bitcoin has been in a downtrend since it got rejected from $69k, it dropped all the way to $33k where we had an initial bounce, the price touched $49000 and got rejected if we are able to sustain our current level I think we might revisit this zone
The price of bitcoin is moving in an upward channel, it can be translated as a bearish flag and if the price didn't sustain the lower support trend line we could revisit the $30k-$33k zone
If we talk about the bullish scenario, if we break the upper trendline and test the $50k zone it will be extremely bullish if the bitcoin price breaks the $50k resistance
Short Term Analysis
Bitcoin is holding the $40,000 level and that is a good sign if we have good volume confirmation we may test the $49k-$50k zone which is the potential major resistance level, a confirmation above it would mean a bullish reversal i.e, the bulls are in charge
The overall market is not very good we had the TOTAL3 (Alts market cap excluding ETH) being rejected from the $825.105B mark which is not a good sign for alts, currently, the alts are trying to form support and retest the zone. Currently, the Alts Market Cap is at $716B, it is below the accumulation zone, if we want to turn bullish again we have to break through the $751B resistance and enter the accumulation zone again, the critical support zone for the alts is $616B which is a major support zone, I don’t think we are going to revisit it unless Bitcoin faces a major dump.
I think for now we have to wait and see how everything plays out, I think that we have to play carefully, and also look at all the possible patterns before playing any card, the market is not doing very well, and I do feel like we have a pump due but for that, we have to wait and see if Bitcoin is able to sustain the support levels or not. If Bitcoin breaks and closes above $50k I think we will have a major change in momentum in the alts market
That is all for this blog, I hope I helped you get an idea about the current market condition and potential trends or movements
If you have any doubt or problems regarding this you can freely contact me on my socials.