All these Bears in Crypto Bringing you Down?
Lets be real, Bitcoin broke its trendline and it broke a topping pattern to the downside, however, there is still a strong opportunity here for bitcoin and the entire crypto market to recover.
The Chart:
This is a chart that I have not opened up in a long time, however, in green we can see that price action has maintained a price above the green slow moving trendline; in addition, this trendline is the very same trendline which most of the crypto market reacted off of in an extremely bullish manner. There are two important possibilities at this trendline, either the trendline will hold, or it will not. However, if price for the entire crypto community consolidates at this trendline for a longer period of time an moves up, its possible that this was merely a retracement to test this trendline as support. However, if this trendline is broken, then the next slow moving trendline is quite a distance away in both price and time, so it would be possible that the next bull market wouldn't occur for a long time.
Previous Analysis:
The Chart:
This is a chart that I have not opened up in a long time, however, in green we can see that price action has maintained a price above the green slow moving trendline; in addition, this trendline is the very same trendline which most of the crypto market reacted off of in an extremely bullish manner. There are two important possibilities at this trendline, either the trendline will hold, or it will not. However, if price for the entire crypto community consolidates at this trendline for a longer period of time an moves up, its possible that this was merely a retracement to test this trendline as support. However, if this trendline is broken, then the next slow moving trendline is quite a distance away in both price and time, so it would be possible that the next bull market wouldn't occur for a long time.
Previous Analysis:
