The crypto market for a period seemed to be on a bear market,and for some reason much later prices started increasing again.What can be said about the market at this period,are we on a bull or bear?
Market is never objective it's always subjective so looking at the current scenario all I could say is that we look bullish shorter time frames which are the 1 hour and 4 hour time frames. We look strong and upward trending on these charts. While when it comes to long term charts like the daily we are sort of bearish. While when we see weekly chart we are moving sideways. So depends upon your time interval market is dropping different types of hints. So make your decision accordingly.
Descending triangle pattern was in the formation and yesterday monthly close invalidated it and the pattern got inverted. This is a bullish signal and the correction which happened because of the underwhelming response from the Bakkt has been exhausted. Bulls have taken over the market back again.
Short term signals are bullish. Though the panic index is increasing but that is more of a lagging indicator.
Rightly said you can check out the same interpretation made posted here by me yesterday :
https://bitcointalk.org/index.php?topic=5188889.msg52607399#msg52607399