Despite the correction of the last few weeks, the bulls have regained some momentum in Bitcoin and we could close this week again close to USD 100k. The Ethereum versus Bitcoin pair is also stable and slightly positive in the direction above 0.04, even with the daily fluctuations, and remains well above the bottom of a few weeks ago – which seems to be consolidating as a local and cycle bottom.
These are very important consolidations, especially for BTC, with the formation of a relevant bottom above 90k and at the same time with fragile resistances above 110k (more psychological than factual), within a continuation pattern that, if it does not encourage completely in the short term (since we may remain in this region for some time), is also not a concern in the medium and long term (since it indicates liquidity capture), while the market does not decide whether or not it is time to press "start" on the Alt Season.
Even though some "apocalyptic" people swear during these slight corrections that the price should return below the old All Time High (~69k) in the near future – which is never impossible, after all it is a volatile market –, saying that we are still very stretched in this or that indicator (be it the RSI, moving averages or whatever), it becomes increasingly unlikely, almost irrational to bet in this direction, because the trend, that is, the strength (mainly the volumes in each price base) and the direction of the movement overlap isolated data and particularly information from the recent past and arbitrary projections based on them.
In the end, price formation is what matters against all theses and the data can only help and guide us until they do not contradict reality.
#CryptoReboundStrategy