Ethereum

2024

April

Optimism

<div class="finbold">
 <p class="paragraph">The cryptocurrency <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> is heating up after nearly two months of a downtrend as bullish <a rel="noopener noreferrer nofollow" title="divergence" href="https://thebittimes.com/tag/divergence.html">divergence</a>s surge as signals of a possible <a rel="noopener noreferrer nofollow" title="reversal" href="https://thebittimes.com/tag/reversal.html">reversal</a>. Finbold has gathered data on May 10, identifying these signals to help crypto investors navigate these times.</p>
 <p class="paragraph">Notably, <em>TradingView</em>‘s total crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap index is now valued at $2.19 trillion, testing a short-term uptrend support. Since April 12, the index has traded below the 30-day exponential moving average (30-EMA), creating resistance at $2.285 trillion. A breakout from this level could propel the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> to this year’s highs at $2.72 trillion.</p>
 <p class="paragraph">Moreover, its downtrend has been since March 14 but could soon be challenged by growing momentum. The daily relative strength index (RSI) signals this possible reversal by breaking out from its downtrend in a bullish divergence.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/05/11/37c36308a535dcfc270918f09b546961.webp" alt class="wp-image-175233" srcset="https://cdn.thebittimes.com/images/2024/05/11/37c36308a535dcfc270918f09b546961.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/37c36308a535dcfc270918f09b546961.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/37c36308a535dcfc270918f09b546961.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/37c36308a535dcfc270918f09b546961.webp 1536w, https://cdn.thebittimes.com/images/2024/05/11/37c36308a535dcfc270918f09b546961.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Total Crypto Market Cap, daily. Source: <em>TradingView</em> / Finbold
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 <h2 class="wp-block-heading" id="h-bullish-divergence-retail-stops-buying-whales-accumulate">Bullish divergence: Retail stops buying, whales accumulate</h2>
 <p class="paragraph">Looking at social indicators on <em>Santiment</em>, the social volume and dominance of the word “buy” have dropped to yearly lows. Under the proper conditions, this momentary lack of interest is usually associated with bottom formations.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="551" src="https://cdn.thebittimes.com/images/2024/05/11/647ab6d96988cb10d35f4cd2e7da0c01.webp" alt class="wp-image-175234" srcset="https://cdn.thebittimes.com/images/2024/05/11/647ab6d96988cb10d35f4cd2e7da0c01.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/647ab6d96988cb10d35f4cd2e7da0c01.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/647ab6d96988cb10d35f4cd2e7da0c01.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/647ab6d96988cb10d35f4cd2e7da0c01.webp 1536w, https://cdn.thebittimes.com/images/2024/05/11/647ab6d96988cb10d35f4cd2e7da0c01.webp 1850w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Social context for “buy.” Source: <em>Santiment</em> / Finbold
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 <p class="paragraph"><em>Santiment</em>‘s leading analyst, Brian Q, has reached a similar conclusion regarding the crowd’s “buy the dip” chants.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Traders are showing weak #buythedip interest in #Bitcoin's latest retrace down to as low as $60.2K today. Generally, the crowd's lack of faith is a strong sign of prices being close to a #bottom. Track social interest levels to see if #FUD stays high. https://t.co/cZjTWcCnL2 pic.twitter.com/Nj19XkIdgq</p>— Santiment (@santimentfeed) May 10, 2024
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 <p class="paragraph">Additionally, another bullish divergence lies in Bitcoin’s (BTC) significant drop in social volume, while the leading cryptocurrency’s whales hold record percentages of the supply. As of this writing, BTC is trading at $60,550, testing key support at a solid range low.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="347" src="https://cdn.thebittimes.com/images/2024/05/11/f5af381922d266773db3b448887a9d30.webp" alt class="wp-image-175235" srcset="https://cdn.thebittimes.com/images/2024/05/11/f5af381922d266773db3b448887a9d30.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/f5af381922d266773db3b448887a9d30.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/f5af381922d266773db3b448887a9d30.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/f5af381922d266773db3b448887a9d30.webp 1536w, https://cdn.thebittimes.com/images/2024/05/11/f5af381922d266773db3b448887a9d30.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin social volume and whale’s accumulation. Source: <em>Santiment</em> / Finbold
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 <p class="paragraph">From a world’s regulatory perspective, optimism is surging in India as it reopened its doors to offshore cryptocurrency exchanges like Binance and Kucoin. Conversely, a regulatory crackdown in the United States has led to the withdrawal of popular Bitcoin wallets.</p>
 <p class="paragraph">Despite the aforementioned signals, cryptocurrencies remain a highly volatile asset class. Thus, investors must remain cautious while navigating these turbulent waters, looking <a rel="noopener noreferrer nofollow" title="ahead" href="https://thebittimes.com/tag/ahead.html">ahead</a> for fundamental demand and capital inflow as organic signals for long-term price appreciation and sustainability.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bullish-divergence-crypto-market-with-potential-reversal-ahead-tbt88012.html">https://thebittimes.com/bullish-divergence-crypto-market-with-potential-reversal-ahead-tbt88012.html</a></p>

Bullish divergence: Crypto market with potential reversal ahead

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