Good day Hiveians!
Join me in analyzing the crypto markets!
Edit 1
*** I wrote this post this morning before the whole market actually crashed, so I had to make some changes :/ But tl;dr: I am still bullish on the market ***
Edit 2
*** Looks like this was a coordinated attack as the crash played out exactly as predicted. I would definitely expect a strong rebound now ***
https://twitter.com/JacobCanfield/status/1395041772171141122?s=20
- JacobCanfield
Elon Musk spooked the entire crypto market with his backpedaling on Bitcoin
But does that mean that the crypto bull market has already ended prematurely?
Recently, Bitcoin has seen a mid sized correction of 40% a big correciton of 53% correction which is a lot, but historically speaking it's normal. it happened before in 2013 when we had a 70% correction that didn't end the bull market. In the last bull cycle we had two of them in the last phase before hitting the ATH:
Interestingly, we are now at exactly the same price range (again after the rebound) when Elon first announced that Tesla would buy and accept Bitcoin.
This has led to what I would perhaps call the "Musk rally" which saw prices increasing to about 65%.
However, I think these two factors (a) a 40% 53% correction to the 21 weekly EMA and (b) being at the same price levels as before this rally are good indicators that this correction is over.
Edit: Hitting the 50 weekly EMA is very bearish. It never happened in a bull market :/ But...
Furthermore, previous cycles always had a double peak of the RSI and it seems that things are starting to look more like the 2013-2014 rally where the RSI dropped to about 66. We are now at the same level which should mean that the last part of the bull market rally should go ahead as usual, but I guess it's going to be without Elon...
Edit: This is still true, and which is the reason why I am still bullish on the crypto market. If this was already the end, it is like 
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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