Everything Sort of Recovers, Has the Bottom Been Reached or is This Just Bull-Trap?

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After a rollercoaster Friday, all digital currencies, in lockstep, are up. Some more slowly, some faster, but they have all turned green, rising 20%, 30% and even 50% or more.

While global volumes remain at $40 billion, with bitcoin handling around half of it at $16 billion during the past 24 hours.

Global market cap

Will we see a sharp V recovery, many are probably wondering, and was that near brief $10,000 for btc the bottom after almost halving?

Only time can say with certainty, and that time is now moving towards Christmas day, giving us a long weekend, with futures to be closed on Monday, so seemingly opening on Tuesday.

Which might mean we may have a quieter period, although no one knows with theses things as the market might give us more show today, hopefully then giving way to festivities starting tomorrow.

However, this is a global space of many religions and bitcoin never sleeps, but many might want to have a day of peace, so it may get quieter.

With the main question probably being what will happen on Tuesday? As the boxing sales kick off and the mainly short bitcoin futures holders potentially even get called, there might be quite a show.

Ethereum has an interesting chart because it clearly shows the huge sell off yesterday, briefly nearly reaching $400, but then bulls took charge and fairly quickly kind of re-instated the price.

Sentiment is now probably mixed after that huge action, with plenty probably still worried, waiting for that likely test at $15,000, then $17,000, then the big $20k.

If it goes in that direction because this could very well be a bull-trap with more show to go after a brief respite. In which case, $12k and then $10k are probably big support lines, with $12k sort of holding so far.

But, regardless, nothing has fundamentally changed with no black swan event as far as we are aware, so this all may be just an intermission to spice our Christmas season.

 

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