Bitcoin has bounced multiple times in the last few months from the bottom line of the falling wedge and is currently retesting a multi-year support trendline on the log scale, as you can see bitcoin has bounced from that line in the previous bear market at 3350 and has held support on it back in 2016 leaving the 2014-15 bear market and creating a new uptrend, at the same time bitcoin found support on the 144-weekly sma aswell.
Right now those 3 major supports are in a confluence zone at 6200-6700 and bitcoin is currently bouncing from 6425 to around 6800. If bitcoin can rise from here this has the potential to be a long-term bottom.
Right now those 3 major supports are in a confluence zone at 6200-6700 and bitcoin is currently bouncing from 6425 to around 6800. If bitcoin can rise from here this has the potential to be a long-term bottom.