Once again we're seeing Bitcoin and the other cryptos finding an extremely short period of spiked bull buying. This period is followed by consolidation and sideways trading until we see another spike.
What's concerning about these spikes is just the lack of follow through by the bulls. If we look as the 1-minute chart below, you can see that the bull buying volume came in only for a short period of three (3) minutes!!
The only good thing about what's going on currently is it's looking like there's still enough support at these levels to keep the trend up and for the stair steps to keep heading bullish.
The markets have been so oversold and getting beat up so bad lately that I think the bears are just so tired which is allowing prices to stay here. Any bear volume that would come in though would definitely see prices tank a ton to the downside. I do still think this is the ultimate scenario and that the bulls aren't strong enough in this market to change the longer term bear market.
For now though, we're seeing enough support to stay in swing positions. Continue to enjoy the upside.
