Market sentiment is very weak these days. We are in "Ultimate Fear" and the next step could be panic. All major coins like Ethereum (ETH), Cardano (ADA) or Binance Coin (BNB) are waiting for the next move of Bitcoin (BTC).
Source of graphic: Alternateve.me
And that is that we have several pending conditions for these days and we are not reaching them.
The first was to break the 200 SMA on the daily chart. From the previous times we have been in for a few days, the fall has finally been great. We've already been 10 days below that average, and never in the history of Bitcoin have we recovered so quickly after so many days.
For example, in 2018, after falling below this average for so long, the drop was around $3,000 and it took us 391 days to retrace the average.
Or in 2014, when it took an average of 455 days to fully recover.
Some analysts are starting to say that this could be a bear trap that will push BTC below the $25,000 barrier to bounce back to $45,000 later.
Another indicator not accompanying is the monthly MACD, which has not yet gone negative. If we see the graphs, after the previous passes the fall is huge.
Source of graphic: Tradingview
My view is that we may have a slight bounce these days that puts us in the vicinity of $ 42,000, but it will be a massager and soon we will be back to 30,000 levels where a stable base can be made for much more -smooth rise and long lasting.