Lately the cryptocurrency market has turned around at least a little bit and seems to enter a new upwards trend, which would definitely be appreciated by all of us I guess. Anyways it's not safe at all that it'll continue.
I personally love the sight of a mostly green price map (here coin360.io) once again as it has been quite rare during the last weeks. But just like indicated above it's all not really safe yet as it's build on quite low volume and could hence turn the other way once again quite quickly.
Most analysis on twitter right now are outlining exactly this issue that the current breakout is based on a very low volume and that it's critical for the upwards move to be held as otherwise the bears might take over once again.
Tweet from CoindeskMarkets on the latest breakout:
I hope that the bulls can hold the breakout, gain significant volume and bring us back up to values above $10,000 USD. It would definitely help the whole cryptosphere to stabilize around those values.
What do you think will happen?
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To the question in your title, my Magic 8-Ball says:
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Well, since bots are always right, I'm now a bit concerned... 😀
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We can hope so.e bullish movements again 8n the market soon. Buy can not say firmly it will.
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Unless there is a strong sign of reversal towards bull I think it's safe to assume a bear market for the short term, up to 3 months. But who knows? Asset prices are notorious for being hard to predict.
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You have really a lot of interesting things mentioned in your post! So I hope we can have a good conversation? But let me first answer your question.
I think we can be almost 100% sure that crypto prices will remain volatile. About the price direction we really can't say anything. It could go up by 50% in 1 week. And then 1 bad news item could cause a 50% drop in the next week.
Based on what do you think a new uptrend is entered? Looking at BTC 1 month graph it still is in a down or side trend. Looking at the 1 week graph you can see it is more or less $7,500 for the last week.
What is your definition of low volume?
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We are hoping hard now after a huge drop in the portfolio. I hope this is not a hope against hope.
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