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An Update on Technicals and Market Sentiment

Aug 10, 2021 · 3 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

BTC is having a choppy today after indecisive price action across market sessions. AXS is leading the crypto market today, up 31% in the last 24 hours. Today’s Delphi Daily is a market update in itself, so kick back and enjoy!

Positive Outlook on BTC

BTC secured a daily close above its 200 day exponential moving average (EMA) for the first time since May, indicating that it’s firmly in an uptrend. The Relative Strength Index, which measures market momentum, has also turned positive in recent weeks. While consolidation above the moving averages presented confirms an uptrend, fake outs are a common occurrence in crypto markets. For example, BTC briefly broke above its 200 day EMA in Feb. 2018, only to break back down after three days. The next week should provide added clarity on BTC’s trend.

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