Its obvious we had a selloff due to the sudden unnatural buy volume spike a day ago however the selloff wasn't nearly as harsh as I thought it would be. The prophesized June 6th reversal doesn't yet look like its come to fruition yet as we barely hold the 7700 level ATM but it looks like we actually broke out the descending wedge which could mean either a rally earlier than predicted or a drop off later. Im remaining bullish on this case and think we could see some green in June and potentially another alt coin cycle.
What concerns me is that on grander scheme of things, yes we've triple bottomed but it appears the second high during May was lower than the previous high of March, this signals a clear overall downtrend of the market but we might be getting some positive news regarding the Bitcoin ETF that could propel us towards new highs as the main catalyst for this year.
I think that if no catalyst emerges it could be back to slow bleeding for us this year despite these temporary rallies.
On a more positive note our 21MA momentum indicator is showing that we are in an attempt to breakthrough our current resistance and potentially aim for 7800 and hopefully garner some support there.
What concerns me is that on grander scheme of things, yes we've triple bottomed but it appears the second high during May was lower than the previous high of March, this signals a clear overall downtrend of the market but we might be getting some positive news regarding the Bitcoin ETF that could propel us towards new highs as the main catalyst for this year.
I think that if no catalyst emerges it could be back to slow bleeding for us this year despite these temporary rallies.
On a more positive note our 21MA momentum indicator is showing that we are in an attempt to breakthrough our current resistance and potentially aim for 7800 and hopefully garner some support there.