Drawing the confidence from market analysis, we didn't get from our heroes.
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Many agreed with my call for positive messages from Marc De Mesel or Roger Ver!
In one of my previous articles, I sent out a tongue-in-cheek kind of outcry to @RogerVer and @MarcDeMesel to send us a message to tell us "Every little thing is gonna be alright" with Bob Marley's sunny summer tune playing in the back of my mind. Even though it was intended to be humor, I was surprised by the supporting sentiment I got, saying that such a message from our heroes would be welcomed and appreciated. Apparently, the notion that many people, at least here, getting anxious about the continuing downward trend in the market prices was an accurate one.
The eerie silence from those many here viewed as the example to follow.
However, despite the strong longing in the community to hear from Marc or Roger we have heard nothing, on read.cash, from them in a while. Going into the weekend, I got the strong feeling many weren't feeling very sunny and relaxed, and the weather in many parts of the world didn't do much to improve the mood. Flooding throughout most of Northern Europe destroying homes lives dominated the news feeds here in Europe! I'm sure that some, if not many, here began to go from anxiety towards despair, with the bad news and the ominous silence from Roger and Marc.
The market itself, giving reason to relax and rebuild confidence!
Over the weekend it seems the markets, including that of our Bitcoin Cash have seen, perhaps remarkably, a turnaround showing large gains across the board. Looking at the Market view analysis page, the moving averages column shows positive indicators down the line:
(From Tradingview.com)
MOVING AVERAGES
Name Value Action
Exponential Moving Average (10) 468.22 Buy
Simple Moving Average (10) 461.75 Buy
Exponential Moving Average (20) 457.38 Buy
Simple Moving Average (20) 455.38 Buy
Exponential Moving Average (30) 451.63 Buy
Simple Moving Average (30) 447.66 Buy
Exponential Moving Average (50) 448.29 Buy
Simple Moving Average (50) 436.73 Buy
Exponential Moving Average (100) 456.08 Buy
Simple Moving Average (100) 453.58 Buy
Exponential Moving Average (200) 490.00 Buy
Simple Moving Average (200) 474.01 Buy
Ichimoku Cloud Base Line (9, 26, 52, 26) 468.37 Neutral
Volume Weighted Moving Average (20) 466.98 Buy
Hull Moving Average (9) 486.80 Buy
As you can see, only one indicator is stuck on Neutral, while all the other moving averages show the markets are good to buy right now.
The simple graphics summarizing all indicators together.
On the analysis page, there are also graphical representations of the result of all indicators taken together (Moving Averages, Oscillators, and Pivot), and they support the good outlook and confidence that radiate off the moving indicators:
(From tradingview.com)
What's driving the push upwards?
Well, it is a bit hard to say to be honest. Many say that this is the result of what's called a "Weekend Pump" and others say that the news that Amazon is getting ready to accept BHC, ETH, BTC, and some other crypto coins was the driving force. If the former is the case, then we should see the move upwards hit resistance during the course of this morning. If we do not see the markets reverse course and drop to the levels we've seen Friday evening, Saturday morning, then we might be in for the start of a holiday bull run, I think.
A nice start to the week with a bright and sunny outlook for the rest of the week!
Personally, I have decided to take the numbers we're seeing right now (>10% over 24hrs) as a good start of the week with a bright and sunny outlook for the rest of the week. Until proven otherwise, I say this is the market telling us what we asked Marc and Roger for and, for whatever reason (holiday, flooding, ???), they refused or neglected to do:
Baby don't worry, about a thing, cause every little thing, is gonna be alright!! (Thank you, Bob Marley for the sunny, summer song that keeps playing in my mind throughout writing this article!)
Thank you for reading this!
Stay safe, and stay happy!
