CRYPTO Markets Reflecting After Blood Bath
After a long and gross day, what can we expect? Well, right now, let's look at the 15-minute chart. Nothing jumps off the page. There haven't been any solid upside moves. There's no bull volume. There's not really much of anything. We have a stair case that's heading down.
Only positive thing right now, the 4-hr is still heavily hit, the daily RSI is oversold, and we could be looking at some stabilization followed by another rally.
The typical trend seems to be huge dump, stabilization for a while with flat and sideways trading, then all of a sudden out of no where, bull move and prices spike upward where we will stabilize and wait for bears to take control.
So, overall, I don't like a bull position. I think this is still confirmation we have a lot more downward action to go before the markets adjust to bullish sentiment. It seems very likely at this point that we will see a test of lower supports and that the bull move up was just a very small bounce attempt with not much wiggle room for the bulls to defend a higher low.
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