Mati Greenspan reviews recent crypto price action and questions whether the market has transitioned from a bear to a bull phase. He highlights a key resistance level at $5,350 (previously acting as support in 2018), notes that Bitcoin is trading above the 200-day moving average, and says the long-term bearish trend line appears broken. He cautions one strong surge is not conclusive but calls recent price action "incredibly positive." He references a headline $88 billion global volume spike (flagged as unreliable by many, per the Bitwise report) and cites Bitwise’s identification of 10 exchanges with cleaner volumes, producing a cleaned figure near $700M. The clip also includes a sponsor segment explaining TradeSanta’s technical filters and Bollinger signal for bot trading.
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So at this point there's an argument among the community if we're, if we've snapped the bear market, have we entered the bull market? Nobody's extremely certain of that at the moment. What I can tell you is that last Tuesday's surge was indeed significant. And we're now testing a new resistance line exactly at 5350. If we zoom out on the chart we can see now exactly the significance of this level, 5,003 50. And it has acted as a support mostly throughout 2018. And notice that we are, we are trading well above the 200 day moving average. This was an indicator that we were watching very closely as kind of sign whether or not we're in a bull or a bear market. So the fact that we're trading above it is, and have sustained above it the last week is pretty significant. In our last video we spoke about this long term bearish trend line which had been snapped by then. Now of course trend lines are drawn differently by different chartists so they're very subjective. So some people might be drawing it like this, some people might be drawing it like this, in which case you would see that it was broken even before. Some people might be drawing it even like this and saying that it's still, that it's still not broken just yet. At this point, for the most part, almost any way that you cut it, the bearish trend line has been snapped. Obviously we couldn't say that we're in a bull market just yet. We've seen overall one surge which was last Tuesday. And I would be very hesitant to say that we're in a bull market just based on one days worth of trading. A bull market is generally defined as a market that, that is going up continuously and steadily and that we can expect to continue. Now. There's still a lot of bears out there. There's still a lot of people who think that we could be going lower. But the price action over the last week has been incredibly positive. And for me it does look like we're entering toward a bull market at this point. Any movement upward, especially if we go beyond that 5350 level, I think that also we want, we want to watch around six and a half which was exactly where it was trading, seven and a half. If we go above seven and a half that means that basically we're into new territory and we can start looking at this as a positive trend. Last Tuesday we did see trading volumes that have been reported across global exchanges spike to an all time high of $88 billion. The thing is that we need to take this figure with a grain of salt. The Bitwise Report that we saw basically revolutionized the entire trading. The entire crypto industry said that these numbers for the most part are false. So we don't really know. We can't really take that as an indication of much. On the other hand, we have Masari Crypto, who has started to report the real 10 trading volumes. So those are from the Bitwise Report. They identified that there were 10 exchanges that are reporting clean and true volumes. And this number up is up around $700 million today, which is more than double what it's been tracking over the last few weeks. So we don't have a visual representation of that, but we can see that volumes have come down from where they were last Tuesday. This number was around 1.3 billion or so, but they're still elevated at the moment, so traders are very much still excited.
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