Bear Trap? Bitcoin Price Bullish Divergences Emerge Amid Market Fear

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While Bitcoin price is moving in a close range and altcoins start to move upwards, the overall sentiment of the market is still fear.

Fear is a normal expression seen from investors during downwards trending markets as traders and investors tend to be fixated by short term movements, similar to the euphoria in December 2017.However, is it justified to have this fear checking the macro perspective of the market, or is it providing a great buy opportunity?

Bitcoin price action is still showing some similarities to the previous bull market which started at the end of 2015.

Total market capitalization in a bear trap? Total Crypto Market Capitalization USD chart.

The total crypto market capitalization often provides a clearer view of the market than Bitcoin alone.

Similar to that, the view can be defined as a potential bear trap according to the following graphic of the general market cycle.

Not only is a potential bear trap is showing up here, but from a macro perspective the market looks to be retesting a few previous levels for confirmation before continuing the upward trend towards 2020.Altcoins providing opportunitiesTotal altcoin market capitalization - USD chart.

Altcoins have been moving in both directions over the past few weeks while the total market capitalization is remaining fairly stable.

In a bullish scenario, the market has to hold the $185-200 billion level as support, during which a bullish support/resistance flip can be confirmed.

Either way, the market is making itself ready for another giant move.

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