Total Market Cap above the 21W EMA
While the market, as always, got fully negative and trolls are everywhere, let's have a look at the Total Market Cap and Alts. Market Cap:
1) Both Market Caps, Total1 & Total2 are above the 21W EMA
2) Many Alts recovered fully from the dip (for example Algorand now in 40% gains today).
3) BTC has a hidden bullish divergence on the RSI.
So what does this tell us?
1) It is normal to have a 20% correction in a bull run.
2) We are still in a healthy bull market
3) Many traders bought the dip
Is the dip over? No, it is not. We are to expect a relief in the coming days followed by another dip. The daily RSI and 4H RSI need to set new highs and new lows to create a pattern for the market forecast from here.
Should you buy the dip? I will never answer that to anybody. It all depends on the timeframe you're trading and strategy. Personally I loaded tons of XRP... holding till we reach ATH of this cycle.
1) Both Market Caps, Total1 & Total2 are above the 21W EMA
2) Many Alts recovered fully from the dip (for example Algorand now in 40% gains today).
3) BTC has a hidden bullish divergence on the RSI.
So what does this tell us?
1) It is normal to have a 20% correction in a bull run.
2) We are still in a healthy bull market
3) Many traders bought the dip
Is the dip over? No, it is not. We are to expect a relief in the coming days followed by another dip. The daily RSI and 4H RSI need to set new highs and new lows to create a pattern for the market forecast from here.
Should you buy the dip? I will never answer that to anybody. It all depends on the timeframe you're trading and strategy. Personally I loaded tons of XRP... holding till we reach ATH of this cycle.
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