I included a 4hr chart simply to show that the 4hr is showing long... BUT, hear me out, this may not be the case.
So as you guessed, G20 summit was positive news for cryptos because as soon as the news came out, we rocketed up almost
1K immediately. So... We know that this spike up was obviously driven by news instead of fundamentals.
Let's be honest here, anyone that has been following TA charts, or even TA posts on Tradingview for the past 1-2 weeks knows that there was a wide held view we would be breaking into the $6k zone sooner than later. I don't think that the fundamentals and the sentiment of the market have changed one bit. I think twitch traders will throw in a ton of money betting on the big news being the start of a new wave, and lose by going long.
Think about this. This momentum can easily be reversed by the fundamental sentiment of the overall market.
I would be at best hopefully optimistic that this is that final moment we have broken that overall downtrend and that "we are shooting to the moon". I guess we will see what the Asian markets do tonight because we could be hundreds away from $10k in the morning, or looking at a breakdown to the mid $7k level again for another damn week, and finally hitting that (I think inevitable) high $5k to mid $6k low that we were all technically expecting.
My last two cents: hold off and verify the rally, don't go balls to the walls simply because of the news cycle. One small good news isn't always able to flip a market that is still very much in the depths of its bubble.
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So as you guessed, G20 summit was positive news for cryptos because as soon as the news came out, we rocketed up almost
1K immediately. So... We know that this spike up was obviously driven by news instead of fundamentals.Let's be honest here, anyone that has been following TA charts, or even TA posts on Tradingview for the past 1-2 weeks knows that there was a wide held view we would be breaking into the $6k zone sooner than later. I don't think that the fundamentals and the sentiment of the market have changed one bit. I think twitch traders will throw in a ton of money betting on the big news being the start of a new wave, and lose by going long.
Think about this. This momentum can easily be reversed by the fundamental sentiment of the overall market.
I would be at best hopefully optimistic that this is that final moment we have broken that overall downtrend and that "we are shooting to the moon". I guess we will see what the Asian markets do tonight because we could be hundreds away from $10k in the morning, or looking at a breakdown to the mid $7k level again for another damn week, and finally hitting that (I think inevitable) high $5k to mid $6k low that we were all technically expecting.
My last two cents: hold off and verify the rally, don't go balls to the walls simply because of the news cycle. One small good news isn't always able to flip a market that is still very much in the depths of its bubble.
****SHOOT ME A LIKE IF YOU ENJOYED READING THIS!****
Note
Update:Seems like the Asian markets have not capitulated to the idea that this is, in fact, a new uptrend. Not seeing new highs, just lower lows...
This tells me that it’s only a matter of time before we go back to previous support of mid-lower $7k. From there, likely a little bounce around, but I still think we will see $6k after a while... The G20 bump just prolonged the wait.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.