To break the bear market, bitcoin has to close powerfully above the red downtrend line.
Some long-term support lines are roughed in in blue. Closing dailies below the blue lines will probably see immediate drops to the next support zone.
Looking ahead it seems as though there will be another intersection of bear line vs. long term support line (at next blue arrow). A drop down would be a pretty powerful signal that we're not close to bottom yet. At this point, sentiment is pretty brutal, so I kind of expect it to dump there unless we have some great positivity generated in the next few weeks and we can generate significant buying volume.
Some long-term support lines are roughed in in blue. Closing dailies below the blue lines will probably see immediate drops to the next support zone.
Looking ahead it seems as though there will be another intersection of bear line vs. long term support line (at next blue arrow). A drop down would be a pretty powerful signal that we're not close to bottom yet. At this point, sentiment is pretty brutal, so I kind of expect it to dump there unless we have some great positivity generated in the next few weeks and we can generate significant buying volume.