Bulls try to climb the mountain, bears take the highway.
In order for the bulls to prove their case, they must convincingly break above the uppermost resistance outlined on the chart. A stable move over $300 would be an indication that the bull trend would continue. Barring that, the prevailing trend is still down and it appears that it is going to play out as I suspected and indicated in my earlier ideas in which I made the comparison to the May-July reversal pattern which appears to be playing out here.
I still don't see any coherent short-term patterns for some reason, so I'm waiting until either we can confirm the short-term upside or the long-term downside. The retracement I expected has already played out, so this is a major decision point for bitcoin, but given the rising volume an declining price over the last year, I see no reason why the trend shouldn't continue. I expect the price to rise sometime around the next new moon, at which point the bulls will be stopped and the bears will return.
I still don't see any coherent short-term patterns for some reason, so I'm waiting until either we can confirm the short-term upside or the long-term downside. The retracement I expected has already played out, so this is a major decision point for bitcoin, but given the rising volume an declining price over the last year, I see no reason why the trend shouldn't continue. I expect the price to rise sometime around the next new moon, at which point the bulls will be stopped and the bears will return.
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