Bitcoin trends bear or bull market

leggy23 (65) in market • 7 years ago

Hi guys,
Before I get into this I would like to say the current information is my personal opinion and not professional.
I’m not sure how you look at the crypto trading market but I like to look at the trends over time to get a general idea. For example I look at the weekly, monthly, 3,6 and 12 months trends to get a feel of the overall market fear/ confidence situation.
There’s no one who can accurately predict the market but it helps to look at trends.
It’s also important to keep in mind that trends especially in crypto currency can become useless especially since there are occurrences that can make the trends irrelevant such as hacks, big money whale trades and inexperienced/ scared investors trading out of fear.
With all that said I will share the trend in bitcoin from the Blockfolio app over time.
The first one is for 1 year

Then 6 months

Then 3 months

Then 1 month

Next 1 week

When you look at the 1 week trend, it is very easy to think things are turning around, however you want to look at the older trends to be more certain. The one year trend makes this new spike look like nothing.
On the 6 months trend you can see that there was a fake rebound in early February.
Not trying to discourage you or anything but this might be nothing.
Things that work in favor of a rebound i think is the fact that it is tax season and people might want to buy at current prices that they might consider sale prices.
It’s important I think to not only look at trends but pay attention to news and notice how people react to it.

market cryptocurrency trends

7 years ago by leggy23 (65)

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mawit07 (66) · 7 years ago

Staying positive here for the next leg up on bitcoin and crypto in general. Thanks.

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10 votes

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leggy23 (65) · 7 years ago

I hope you are right, if not it will create another buying opportunity.

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turpsy (62) · 7 years ago

I think April might actually start a bull run. IMO.

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1 vote

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leggy23 (65) · 7 years ago

You might be right.

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markkujantunen (74) · 7 years ago (edited)

If you count waves from the December top, you can see that five waves have been completed: one down, one up, another down, one up, and finally, one down. Also, it may help to look at one of Haejin's analyses where he shows how the strength of the seller population has been going down in stages. It seems that we're in a phase where the correction from the December top is finally over.

Whether or not we will be going up depends on market sentiment and fundamentals. My personal view is that as we have entered the second quarter, a bullish momentum will prevail for some time now. A long-term support has withstood multiple attempts at breaking it by the bears and there have been rumors circulating that Soros has authorized one of the subsidiaries of is company to trade in cryptocurrencies. Also, the lightning network is coming along slowly but surely. The FUD campaign in mainstream media seems to have died down. There has already been a breakout in BTC, ETH, altcoins in general and also STEEM. If I had cash, it would be time for buying action. Too had I have no cash. :) I eschewed selling too much of my portfolio in December because I was loath to pay taxes. In retrospect, I should've. A parabolic rise like that of December will always be followed by a sharp correction.