BTC more bullish than ever?
The bear market on BTC at this moment would seem to be exclusively a mirage.
As can be seen from the weekly chart, on 12 October 2020 BTC started forming a perfect ascending triangle forming a superior resistance between 65,000 USD and 69,000 USD supported by a strongly bullish trend tested once so far in the area between 30,000 / 33,000 USD.
Furthermore, the moving average (MA 50) has not yet been broken down and provides support for a clearly long-term uptrend.
The fall we are going through now should bounce off the trend in an approximate area between 42,000 / 46,000 USD in the case of a rebound the push could be such as to break the positive composition going to see new higher highs in 2022.
Analyzing the least probable case given the general increase in the market cap compared to 2020, in the event of a decisive breakdown of the fundamental support established at 42,000 better visible on the daily chart , then we could really start talking about a bear market or at least a momentary retracement given the strong bullish pressure.
As can be seen from the weekly chart, on 12 October 2020 BTC started forming a perfect ascending triangle forming a superior resistance between 65,000 USD and 69,000 USD supported by a strongly bullish trend tested once so far in the area between 30,000 / 33,000 USD.
Furthermore, the moving average (MA 50) has not yet been broken down and provides support for a clearly long-term uptrend.
The fall we are going through now should bounce off the trend in an approximate area between 42,000 / 46,000 USD in the case of a rebound the push could be such as to break the positive composition going to see new higher highs in 2022.
Analyzing the least probable case given the general increase in the market cap compared to 2020, in the event of a decisive breakdown of the fundamental support established at 42,000 better visible on the daily chart , then we could really start talking about a bear market or at least a momentary retracement given the strong bullish pressure.
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