BITCOIN: Is The Bear Market Over?
Looking at the BTC daily chart, you can see that the price has held three healthy days up. Although, today's candle is far from closing, BTC is marching upwards. . The BTC is currently trapped within a bearish trend channel. Therefore, before a test of the 50 EMA, BTC will have to compete with the upper part of this bearish trend channel. Obviously, if BTC fails there, then the 50 will not be tested yet.you can see that we still have the top of the bearish trend channel to deal with.
Personally, I am really interested in seeing a test of the 50 EMA. That is the REAL test at this time. If BTC can exceed 50 and keep it as a support, we could go much higher. In particular, we could see an increase in the "main area of superior resistance". Therefore, from the point of view of market psychology, we all know that we had a large breakdown from the 6000 level. However, the market never returned to test and confirm that area as resistance. If you remember I gave you the first bear flag in the past couple of posts, and it is still on the table. This market has just formed a bear flag under it and is poured. Therefore, if this is filled with steam, we could definitely see a test of the 5775 level.
Does this mean that the bear market is over? Absolutely not. In fact, if we go up to 5775 and reject us, that would be an extremely bearish indicator, which will probably lead to a further fall below 3000. So, for now, the short-term bias is up, until it reaches the top of this small channel with a downward trend. Ideally, today's candle would rise to the top of the bearish trend channel, close to 4000. another candle pattern par excellence, which could be a telltale sign that a break above the bearish trend channel may be imminent. In addition, we have seen two successive bullish divergences in the MACD. The current divergence just begins to expand upwards. So, in my opinion, the short-term indicators show that the market could be preparing for a more significant movement towards the upside.
I hope that during 2019 there will be a good opportunity for the bulls in the Crypto market.
tell me what's your take and your prediction on bitcoin.
resteem and upvote and comment on my post if you found it helpful.
happy trading.
great post, I'd like to see the 200 MA on weekly chart. i believe that MUST be tested couple of times and then a reversal can be sustainably formed
Bitmain needs to make some money so it wouldn't surprise me to see them try to prop up the prices of not just Bitcoin but also BCH.
I don't think we will have enough conviction to go above 4.4k
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I'm not really a chart guy, buy I enjoy reading and learning from people that know more than I do, thanks for the post!
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