Are We In Bear Market? Crypto Market Update

Photo by Maxim Hopman on Unsplash

Disclaimer :

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We do not recommend that any cryptocurrency should be bought, sold, or held by you.

Bitcoin

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

Market Condition

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.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store