You heard the news?
It’s a bull market in the world of crypto.
It’s been a minute since we’ve been able to say that, amiright?
But let’s face it.
We’re seeing these coins thrust to new quarterly highs, hitting overbought conditions in the process.
At its peak a few weeks ago, approximately 70% of our universe hit overbought conditions, while three-quarters of all coins reclaimed their 200-day moving average.
This is within the context of these coins coming off 80%, even greater than 90% drawdowns.
Doesn’t sound bearish to me.
In fact, it’s quite the opposite.