BITCOIN & Markets Looking For Bounces -- "Bitcoin" Search Trends Decline

Alrighty, few things to cover today. For starters, we are seeing a tiny bounce, but the volumes are just not there to confirm anything. So, highly, highly, highly likely that this is just an oversold bounce and a bear flag.

Secondly, I wanted to talk about the chart below:

This is the 12-month Google trends chart for "Bitcoin". Essentially, this is the search interest. In the past, we've always seen price rallies tied to search interest. So, the higher the interest with people searching, the more money is thrown in and the more potential for buying.

Search interests peaked the middle of May which was also when the highest bull volume came in. Peaks in bull volume signal tops of trends. Since there's not the ability to continue buying pressure, we see tops come in and then profit taking starts.

I think this is what we are seeing here too. We did see another leg up for a new higher high, but also a lower high on RSI. The price high wasn't what we were hoping for as well. Now that we are seeing a break in the daily trend, I think we will start to see these effects really playing out.

Continue to be safe and have risk tolerance. Don't get FOMO. The longer charts are in play now, meaning we have some time to be patient.

Happy Hump Day!