We have seen a long a ruthless bear market in the past couple weeks, is it possible that the recent rally marks the shift in trends? Lets look at some charts shall we.
The top chart on tradingview is holding a long position implying that the current rally is only temporary.
I have continued to maintain overall consolidation and bearish tone with conservative targets of retest of 340 or make new low around 280-260 zone. Many dismissed it and many clearly have made negative comments about my analysis. Often focusing on exactly where my line begin and end in terms of exact levels.
Others, on r/bitcoinmarkets are suggesting that a whole shift of trends is occuring due to Capitulation:
Capitulation occurred at the beginning of October with a drop to 275 after months of a stressful downtrend. A whale cashed out, distributing over 30,000 coins to stronger hands in a matter of hours. The downtrend stopped because there were enough buyers to stop it. (tremolo)
Another interesting suggestion is that the trend shift has occured due to the triple bottom of ~300-320 that we experienced in the last 3 months, each time testing the support lines.
In the past 2 days bitcoin was holding strong at around the $310-315 mark. We have seen some buy volume which caused a ~$10 price jump. Usually the bears come in toward the beginning of the week so we might see more positive price action in the week of Christmas. Most traders on tradingview are still holding long positions are are calling this pattern Intermediate Term Bullish
It is still too early to call whether a change in trend is yet to come, but for you risk takers it might be a good time to watch the market closely. What do you think? Is a change it trend likely approaching? Tell us in the commen section below!
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