We are living in extraordinary times in the cryptocurrency market. After a long bull run that lasted more than six months, the market came tumbling down severely. The May crash should have signaled a definitive end to the bull market. However, after a historical recovery in August, there is a growing divide among even the most outstanding analysts.
No one has a definitive answer to the outcome of the market, and those who claim to know should be met with skepticism. We are at a crossroads, and strong arguments can be made for both the bull and the bears. So, to have a clear assessment of the market, we will be taking a pragmatic approach and looking at several technical indicators.
In this first part of the “Market Sentiment” series, we’ll be taking a look at the perspective of the bears.
Are the bulls running out of steam?
Not only that, but we might see an upcoming correction simply due to the pronounced growth we witness over the last weeks.
Ever since touching the $29,000 price point in July, Bitcoin has been on a tear. The whole crypto market followed Bitcoin’s move, as it registered five green weekly candles in a row and went well above the bull market support band. In anticipation of the London hard fork, Ethereum also exploded by registered a record of 13 green candles in a row.
Although this move to the upside was welcomed, it certainly does not seem sustainable in the long term. It might even be said that a healthy correction is needed for the market to trend higher in a more structured way.
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