RATE Group | Bear Trap? Bitcoin Price Bullish Divergences Emerge Amid Market Fear
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Bear Trap? Bitcoin Price Bullish Divergences Emerge Amid Market Fear

15 Oct Bear Trap? Bitcoin Price Bullish Divergences Emerge Amid Market Fear

Posted at 19:07h in Bitcoin News by

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While Bitcoin price (BTC) is moving in a close range and altcoins start to move upwards, the overall sentiment of the market is still fear.

Crypto market data. Source: Coin360

Crypto market data. Source: Coin360

Fear is a normal expression seen from investors during downwards trending markets as traders and investors tend to be fixated by short term movements, similar to the euphoria in December 2017. 

However, is it justified to have this fear checking the macro perspective of the market, or is it providing a great buy opportunity?

Bitcoin stuck in a cage

BTC USD weekly chart. Source: TradingViewBTC USD weekly chart. Source: TradingView

Bitcoin price action is still showing some similarities to the previous bull market which started at the end of 2015. The price is holding on to the 100-Week Moving Average, while also approaching a potential trendline marking a new upwards trend. 

BTC USD daily chart. Source: TradingViewBTC USD daily chart. Source: TradingView

On the daily timeframe, resistance can be spotted through using the moving averages. As stated previously, the support right now is the…

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