Bitcoin has been adding 1% since the beginning of the day, remaining almost unchanged (-0.3%) to the levels of seven days ago at $65.8K. Consolidation in a very narrow range for cryptocurrencies has been observed since last Wednesday. However, this disposition is rather on the side of the bulls. Bitcoin has climbed another step up, receiving local support on declines to the previous resistance level at $63.5K.
Bitcoin has risen to the next stepcubitcoin has risen to the next step
The RSI index on the daily charts of BTC/USD remains at an impressive distance from overbought. The 50-day moving average comes out at the same degree of slope that we saw about a year ago.
The cryptocurrency fear and greed index remains at 72, demonstrating a truly narrow and stable sideways trend, slightly deviating from this level in the last five weeks. The stability of the index at the border of overheating is a healthy sign of a bull market.
The cryptocurrency Fear and Greed index is Stuck in greed The cryptocurrency fear and greed index is stuck in greed
In general, for cryptocurrencies over the past seven days, there have been processes of profit-taking or investors jumping from one coin to another. The total capitalization of the crypto market has changed slightly, remaining near 2.87 trillion with bitcoin and 1.62 trillion without it.
Last week, the ether steadily received support on the decline to 4500, without confirming the transition to correction after a significant increase since the beginning of September.
Large cryptocurrencies, which have become an integral part of investment portfolios in recent months, and not just crypto enthusiasts, receive their main features as side effects.
Ether is avoiding going to correction for the time being, Ether is avoiding going to correction for the time being
For example, we see pullbacks after the highs update; a more explicit correlation of risk appetite in stock markets and cryptocurrencies; similar graphical patterns and the laws of technical analysis.
For now, the market remains in its bullish phase. Nevertheless, the tendency to consolidation, which forms the promotion of the market in small steps, is alarming.
Short-term sentiment markers for cryptocurrencies may be the exit of ether and bitcoin from their mini-ranges, 4500-4800 and 63500-68000, respectively. The direction of the breakthrough can become a call to action for the entire crypto market.