It might look good, but all we did is have a minor increase to test the downwards sloping resistance of the descending triangle we're in. We have thus far not managed to close a 4H candle above it, which seems pretty indicative of sellers happily selling that most likely to be top. We will likely see a break before the end of next week. These patterns are bearish so don't be shocked to see the price dump to low $6000's.
Positive note is that we yet again have hit an all time high in hashrate, which could be an indication that miners for now are done dumping and thus there is less selling pressure. In case the descending triangle has a bullish breakout, low $8000's is a realistic next target. We'll see how it goes.
It's pretty strange I got to say, the technicals are really still quite firmly bearish, the 6800 bounce was expected, but we should have seen another serious retest of 7200 support -- which we did not. Also pretty cool seeing Sunday action back to familiar buyer territory, so far, anyway. American east coast is up now and they do seem keen on presenting Tokyo with a 7500 support level from the action I can see going on right now.
ATH hash rate, ATH Segwit, LN starting 2020 strong. All things to challenge TA!
