BitcoinLong
New Bull Market For Bitcoin?
MACD on the weekly close to crossing
RSI breaking the 50 level
SAR indicator under price for the first time in 2018
Price above the 50 ema
We are currently at an important turning point. Either we break higher from here or we go longer.
Although not shown we are at the .618 fib level relative to the previous peak. All rally's in this bear market have reached the .5 or .618 level but no higher. This could be the peak and we could continue the bear market. Or this could be the turning point and we return to a bull market. Bullish sentiment is growing and the weekly chart is looking good.
There is going to have to be a lot of power from the bulls to pull us out of this bear market. In my opinion it may take a while. We may rally higher but we might struggle to break some of the upper resistance levels, so the new bull market may not be as explosive as the run to 20k until investors are convinced we are entering a bull market.
RSI breaking the 50 level
SAR indicator under price for the first time in 2018
Price above the 50 ema
We are currently at an important turning point. Either we break higher from here or we go longer.
Although not shown we are at the .618 fib level relative to the previous peak. All rally's in this bear market have reached the .5 or .618 level but no higher. This could be the peak and we could continue the bear market. Or this could be the turning point and we return to a bull market. Bullish sentiment is growing and the weekly chart is looking good.
There is going to have to be a lot of power from the bulls to pull us out of this bear market. In my opinion it may take a while. We may rally higher but we might struggle to break some of the upper resistance levels, so the new bull market may not be as explosive as the run to 20k until investors are convinced we are entering a bull market.
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