New bullish interim rally possible
Bitcoin has now established a strong support area in the $210-230 range with a solid double bottom formation and higher lows, higher highs being formed at the moment, setting up a solid launch pad for a bullish rally. As we can see in the last major bull run, there was a period of tight consolidation followed by a pop up and some more consolidation, which is what we would be looking at here.
The pop could occur very soon and the consolidation appears to be likely somewhere in the upper 300s after which a new trend decision will be made. As it is, the long-term downtrend is now convincingly broken, and higher lows/higher highs are being formed as I previously mentioned. On a daily/midterm time frame, this appears to be the next major move in the bitcoin market.
The pop could occur very soon and the consolidation appears to be likely somewhere in the upper 300s after which a new trend decision will be made. As it is, the long-term downtrend is now convincingly broken, and higher lows/higher highs are being formed as I previously mentioned. On a daily/midterm time frame, this appears to be the next major move in the bitcoin market.
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