The bullish scenario is not the most likely one in the short term.
Cryptos are showing surprising strength despite very negative indicators.
Ethereum may fall into a multi-weekly bullish mode.
Monday’s US session has witnessed the start of a new attempt by Bitcoin to escape the long-term bearish channel.
BTC/USD failed to reach the channel’s ceiling which – at the moment – is slightly below $8,150. It appears that $8,000 is solid enough to refute King Crypto’s bullish intention.
The MACD on the weekly ETH/USD chart stands out. The behavior pattern demands that Ethereum does better than Bitcoin for us to see a pure bull market, so this week and probably next week are critical and decisive for the medium and long term.