✴️ Bear Market Action vs Bull Market Action | Bitcoin Cash

11 lug 2023

The action that is now taking place on the COMPUSD (Compound) chart/pair pretty much confirms the Cryptocurrency market is ready to move forward. You can read this analysis with its update here.

Bitcoin Cash (BCHUSD) is not as revealing but still a pretty strong signal, let me explain.

After almost two weeks of hitting a new high Bitcoin Cash continues trading daily above EMA10.

After such a strong bullish wave;
After such strong growth (250% within 3 weeks);
You would a expect at least a really strong correction, a flash crash, shakeout or something of that nature... This is untrue.

Bitcoin Cash continues really strong and even printed a "bounce" candle yesterday when EMA10 was supposed to fail as support, instead this level has been confirmed as support.

Of course, it is still early and the MACD is quite bearish but the action is still strong. If BCHUSD resumes growing here or stays sideways, it would send out the strongest bullish signal about the coming weeks and months.

In isolation, this chart isn't that revealing but when considered together with Compound, Bitcoin, Litecoin, XRP and the rest, we start to get the picture that not many people are ready to sell.

Bear Market Action vs Bull Market Action

In a bear market, when prices are set to crash they do so fast and strong, this hasn't been true lately, each time a new high is hit we are going from rising to consolidation followed by additional growth.

Just go back to early and mid 2022 on any chart, see the sharp and strong declines we experienced all across. It is so much different now and that's the proof that we are set to experience additional growth.

Don't get me wrong, this pair can behave in anyway, after such strong growth I wouldn't be surprise if a strong correction does come but the other Altcoins that are yet to breakout are set to repeat this pattern rather than hit new lows.

But to be honest, I don't think we've seen everything so far, something is missing and that might be one last jump.

Then the correction, followed by consolidation and full blown bull-market in 2024. That's the bigger picture simplified... Think long-term!

Namaste.