A couple of days ago, I had posted that there was a defining development in Bitcoin. Bitcoin was up, more than 10% with more than triple the average daily volumes. Because we had seen higher than average volumes, it was quite a defining development that sparked interest.
However, a downward sloping trendline is still something that has been haunting Bitcoin enthusiasts, fans, traders and investors alike. That has been the forebearer of bad news and a bear market for the last 3 months. The recent move with large volumes started a move designed to challenge this bear run. However since it is still to break the downward sloping trendline, the bear run has still not been reversed.
Technical Analysis of Bitcoin
As can be seen from the downward sloping trendline which has been respected thrice with Bitcoin retracing after touching it and getting sold off. Bitcoin needs to cross this trendline with higher than average volumes.
Till that happens, we are not out of the woods as yet!