A couple of days ago, I had posted that there was a defining development in Bitcoin. Bitcoin was up, more than 10% with more than triple the average daily volumes. Because we had seen higher than average volumes, it was quite a defining development that sparked interest.
However, a downward sloping trendline is still something that has been haunting Bitcoin enthusiasts, fans, traders and investors alike. That has been the forebearer of bad news and a bear market for the last 3 months. The recent move with large volumes started a move designed to challenge this bear run. However since it is still to break the downward sloping trendline, the bear run has still not been reversed.
Technical Analysis of Bitcoin
As can be seen from the downward sloping trendline which has been respected thrice with Bitcoin retracing after touching it and getting sold off. Bitcoin needs to cross this trendline with higher than average volumes.
Till that happens, we are not out of the woods as yet!
From a macro standpoint, I think we could finally see the tailwinds conquering the headwinds. While I don't love how often BTC and other alts have been touching their resistance levels in the past 24-48 hours, I think the markets have started to price in all the classic FUD (regulations, banned adverts, etc.). We're definitely not out of the woods but I can see the light!
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Absolutely! I couldn't agree more..
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agreed. we will find out more in 24 hours when big guys start their week. if they start dumping we will know it is heading right back to 6500 lets see. keeping my fingers crossed.
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I liked this post much more than BUY BUY BUY HODL HODL HODL posts just encouraging people for BTC.
the technical responses of BTC and cryptos have grown mature and should be studied. thanks my friend
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Woods?
We the CARTEL, are HUMAN‼️
If anyone wants to get in to BTC.... GO FOR IT🤓
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Thats an english saying..its an english phrase which means that there is still impending danger till that trendline is not breached with high volumes!
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I know what it means 🤣🤣🤣
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Come on, the last rise looks very much like trend reversal.
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bitcoin online currency. i hope i income to bitcoin in online.
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Agreed. We will know soon. Fingers crossed.
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I was summoned by @cryptogem. I have done their bidding and now I will vanish...
A portion of the proceeds from your bid was used in support of youarehope and tarc.
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You got a 11.62% upvote from @postpromoter courtesy of @cryptogem!
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Nice analysis and agree, we already took out the sellers at $8000, if we take out the sellers at $8500, that will be my confirmation.
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You got a 9.96% upvote from @upmewhale courtesy of @cryptogem!
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Thanks a lot about this informative post.I appreciate this post.
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Excellent graphics good and interesting information thank you greetings
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That's a fair observation I have been keeping my eye on. Personally, I would not be surprised to see another downtrend before any true rebound is possible. With the bear market cloud still looming over Bitcoin, a few more selloffs for short term gains are very likley.
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When u gonna be out of the woods?
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why the price of STEEM is always related to the price of BTC?
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Some of us HODL'd and it IS worrying seeing those graphs constantly going down.
In 2014, the markets started to look up a little, and then they dropped even further down!
This may be what will happen, but who knows?
I know that I will continue creating on Steemit and powering up my steem.
This isn't a year for big crypto gains...
But perhaps things will look up next year, or the year after...
What are your thoughts?
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BTC will go down to 6700$ again and uptrend in a month to get back to 10.000$. ONT, BNB and NEO are my choices when BTC touch 7000$ line.
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Agree...Thank for sharing post.
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A straight-up moonshot for BTC won't happen - expect a jigsaw pattern in the foreseeable future.
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Your post is very good!
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