An Update on Technicals and Market Sentiment
AUG 10, 2021 • 3 Min Read
Disclosure: Delphi Ventures and members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
Key Takeaways
BTC secured a daily close above its 200 day exponential moving average (EMA) for the first time since May, indicating that it’s firmly in an uptrend. The Relative Strength Index, which measures market momentum, has also turned positive in recent weeks.
While consolidation above the moving averages presented confirms an uptrend, fake outs are a common occurrence in crypto markets. For example, BTC briefly broke above its 200 day EMA in Feb. 2018, only to break back down after three days. The next week should provide added clarity on BTC’s trend.
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