Bull markets, bear markets, it all depends on your time frame.
According to this analysis, Bitcoin has always sustained a long term bull market as shown by the all-time up trending channel. The longest correct was a much needed break as it traded down from the top of the channel. The upward movement in price resumed once it reached the bottom of the channel. As long as Bitcoin stays in this up-trending channel, its all one long bull market. Note this is a weekly candle chart and with the exception of the much needed pull back after hitting the top of the channel in 2013, the market makers are buying at the 35 Week EMA after a correction. We appear to be finding support at this level before we run higher to replicate the earlier run to the top of the channel.
According to this analysis, Bitcoin has always sustained a long term bull market as shown by the all-time up trending channel. The longest correct was a much needed break as it traded down from the top of the channel. The upward movement in price resumed once it reached the bottom of the channel. As long as Bitcoin stays in this up-trending channel, its all one long bull market. Note this is a weekly candle chart and with the exception of the much needed pull back after hitting the top of the channel in 2013, the market makers are buying at the 35 Week EMA after a correction. We appear to be finding support at this level before we run higher to replicate the earlier run to the top of the channel.
Comment:
Hey friend! I wrote "Bear Market" on the chart defaulting by accident to common language used for that period of time. Apologies, I should have used the word retracement considering the timeframe under review and the point I'm attempting to make ;) Love AND Peace, BitBOi
Comment:
Comment:
15 minute chart showing Bitcoin interacting with bottom of the channel and the 35 EMA from the weekly candle chart (mislabelled as 21EMA. - hey its 5am!)