Excellent week in general for the crypto market, more in particular for BITCOIN with 15% up in a week and ZCASH which is now up 37% in the 7 Days time frame, absolutely outstanding also...
People say that possibly institutions are bringing new money, which I hope it is happening, also the hype FACEBOOK LIBRA coin may affect as well despite is too early...However, I always look at the Total crypto Market chart as a whole and what I see now is that, even if we are going up day by day lately, some consolidation period is more likely to happen because...
- 5 Clear waves Up have been completed, 3rd one extensive.
- Bearish DIVERGENCE on Volume at the Daily:
- Also RSI is declining despite a new High has been touched = Bearish DIVERGENCE:
For BITCOIN I am "playing" right now with the following scenario on the daily:
It implies the repetition of the same behavior occurred when BITCOIN Corrected on 2015 before going parabolic upwards, Consolidation mode and last opportunity for buying "on sales".
Pay attention to the Volume and RSI, they are the best friends of the crypto trader.
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.