At present, We are still within the huge bear flag that almost ascertains that we are going to witness another major downfall towards some of the points that has been referring for a while; the 6K and 4k points. The point is, these marks which are been referred were at the 9,000 USD and 10,000 USD marks, and somehow most of the people are pretty fine with that as they are in the hopes of greater prices.
Television never presents the entire crypto world though; it can be 1% or even 20%. But, one thing is sure that it does not highlight the genuine perceptions. Many people at this point have turned in to bears. It is a fact that the markets generally don’t go in the direction that everyone hopes for, which is the prime reason that we don’t believe we are going to witness those minimal costs in this week.
This is something that has been witnessing in the past month, during the time when price was beyond the 9K most were getting aggressive and when the cost went under 8,000 USD, most turned bears again. And they kept on altering every time as we move across these marks. The scenario has been pretty much the same; the greater prices go the comparatively aggressive. No doubt the lower costs go the comparatively bearish bear turn.
A couple of days prior, (mid way of the process), a fix was prepared that would forecast a gentle support rally towards 7300/7500. But, in an hour or a couple, price already got greater to yet turn it a fix. Now this is something like making a large bear flag one more time that is absolutely getting weak at this point, as the top points consistently getting lower that makes you observe a lowering triangle (similarly as of the way we witnessed four days prior.)
Even if this model is pretty apparent, in general, it is expected to hit the low and there is a little hope that it will boost towards 6900/7000 levels prior lowering again. It’s not bound to happen though, but, this is something genuinely occurs. These flags, mostly keep the traders in confusion, but there is no actual dilemma till now as most are yet the bears.
The point to understand is that the markets make the move towards the direction where customers and sellers take it for sure, but as in the usual markets you have additional party that have the other plans. Bank and hedge funds, they approach to move in the direction of higher flexibility. It means if maximum people are selling or running of short, they are very much satisfied to allow you sell in to their buy items.
Their upcoming target is that they aim to make the price get higher and try to go for a temporary resist so that the bears scrap their losses and wrap their place with a loss. Pretty similar thing occur at the other side also. If observed the 11k levels, the entire process seemed quite bullish and many here were simply keeping on buying.