We have had a significant drop in the last days, can this continue lower or is this just a dip?
I will share my point of view, which is neutral right now.
So far, we are still bullish on the daily, at least until we cross under the 9080 $ price mark of the double Donchian Channel.
However, the RSI is showing strong signs of a bearish divergence
The daily ADX (Average directional index) is falling, meaning the bullish trend is becoming weaker
The Fibonnaci levels can tell us the targets. There is a lot of space to go from here.
The BTC markets are showing signs of slowing down
The USDT markets are following BTC in its drop
The Bitcoin dominance is making a rebound, putting speed reduction into the ALTs capitalisation.
Conclusion: The indicators are in contradiction for the moment. The trend is bearish on low timeframes, but remains bullish on the daily chart. It would be foolish to call for either direction. This is a no-trade zone for me.
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Breakout caught on the BTC intraday chart!
Also it's looking like the ALT market is going up again.