The long term trend hasn’t changed. The price is still below the Ichimoku cloud. There is a possibility that the price formed bottom at around 15 - 16K but needs to be confirmed. There is a long way to go for a major reversal and new bull market in crypto.
The 1D chart is extremely overbought. In a major downtrend, this is an extremely dangerous place to enter the market. Pull back is needed for a healthy continuation of an uptrend . Many coins more than double in this mini rally and I am sure many day traders will secure profits. For holders, the majority of alt coins are still down 90% since the 2021 peak. Anytime, in the next few months is a good time to pick up an extra bag.
The 4H time frame , showing a divergence. I expect some pull back forced by taking profits. How far it will retrace , only time will tell. The important levels to watch are 15 -16K. If the price breaks below these levels we will see further weakness in the crypto market.
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Please note, we’re not offering any financial advice. It’s worth researching the topics of cryptocurrency, trading, and investing on your own or reaching out to professional advisors.