since hitting all time highs @ 69000.00 (coinbase price feed) last year 10.November , the crypto assert class mover and shaker has seen a plummet of -63% from ATH to recent low @ 25338.53 which was recorded in yesterday trading session.
from my chart work , BTCUSD has made its steep decline in a traditional trading pattern of a descending parallel channel , which has been a previous clear indicator of rising supply capitalism forces in the digital financial instrument.
price is seeming to be gaining some bullish momentum but to the way the market has been behaving, with reduced liquidity and increases volatility its not clear to speculate if the bulls are in it for the long run , or its just short term reactions. Monthly chart demand is in control , extra bullish confluence is price bounced off bottom bearish channel trendline acting as dynamic support , this could well possible be a recovery run to 38000.00 price levels.
there is also increased bullish sentiment as on twitter the hashtag #buythedip has been trending and latest google data reports show an increase of interest of people searching ways to buy the crypto kingpin.
I vision what it can be not what it cannot be.
from my chart work , BTCUSD has made its steep decline in a traditional trading pattern of a descending parallel channel , which has been a previous clear indicator of rising supply capitalism forces in the digital financial instrument.
price is seeming to be gaining some bullish momentum but to the way the market has been behaving, with reduced liquidity and increases volatility its not clear to speculate if the bulls are in it for the long run , or its just short term reactions. Monthly chart demand is in control , extra bullish confluence is price bounced off bottom bearish channel trendline acting as dynamic support , this could well possible be a recovery run to 38000.00 price levels.
there is also increased bullish sentiment as on twitter the hashtag #buythedip has been trending and latest google data reports show an increase of interest of people searching ways to buy the crypto kingpin.
I vision what it can be not what it cannot be.
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