Following the drop in the aggregate cryptocurrency market cap of $ 90 billion on Tuesday, the market bounced back to completely nullify losses and closed the daily candle at $ 1.35 trillion.
On Tuesday, we had the lowest close since February 7 for the aggregate market cap. Such a large rally following a pivotal moment of the micro bearish trend was monumental for the bulls on Wednesday.
The Bitcoin bulls said ‘no mas’ and slaughtered many bears on Wednesday. BTC managed to stay above $ 29k and pushed the price back above $ 32k before the start of the final 4hr candle of the day.
So what will happen to bitcoin now that the bulls have won the most recent battle at $ 30k?
TradingShot’s 1D chart shows a triple bottom on Bitcoin which is historically a key indicator that a trend is about to reverse its course.
Additionally, Bitcoin is above the inflection point on the 4-hour chart and has rallied after the completion zone of a bullish reversal at the time of writing. A higher low at the top of the bullish bat at $ 35.8k could be the confirmation needed for market participants with firm stablecoin funds on the sidelines to re-enter the market.
BTC’s Fear and Greed Index reading is 21, with +11 points from the day before.
Bitcoin’s 24-hour range is $ 29,641- $ 32,502 and the 7-day range is $ 29,599- $ 33,098. The 30-day average price of Bitcoin is $ 33,184.
BTC closed the daily candle on Wednesday at $ 32,141, breaking a series of 2 consecutive daily closes in the red.
After weeks of MATIC’s price being pushed lower, Ethereum’s most popular side-chain rallied a whopping 35% on Wednesday. Polygon’s price is back above $ .9 after falling below $ .7 on Tuesday to unseen lows since the beginning of this year.
The chart above shows how extremely oversold MATIC was on the daily chart.
Further upside above $ .83 can be expected if the price of MATIC remains above the structure it exited from on Wednesday.
The bears are hoping they can push the price inside the structure and towards the bottom of the $ .622 range to ruin much of the hope for a quick recovery.
MATIC’s 24-hour range is $ .673 – $. 935 and the 7-day range is $ .635 – $. 935. The average price of Polygon over the past 30 days is $ 1.01.
MATIC closed the daily candle on Wednesday with a value of $ .887. Polygon is the # 17 digital asset by market capitalization and has avoided a 10th consecutive close in red with a green daily close on Wednesday.