Bitcoin's mid-term technical analysis.
Bitcoin's mid-term technical analysis suggests that we could be in for a bull run or at least a bear rally in the coming weeks. One way to determine this is by observing the long-term trend lines in red, which have broken to the upside. This suggests that the current bull run may have taken longer than expected.
However, it's important to note that from the first top, we could hit the next local top, which would be a lower low, indicating a continuation of the current bear market. This would be a bear rally. The line for this scenario is in blue.
Another factor to consider is the white line, which I left at the start of the current rally. At the moment, this line doesn't have a second point, and if it remains where it is right now, it will mark that we broke again to the upside by the low point. This may not be reliable, and we may be in an actual bull run, but it's important to wait and see if any higher low is reached between now and the previous all-time high. This could indicate a prolonged multi-year bear market.
Overall, I believe the best option for traders will be to trade between $30,000 and $20,000 to make a second point and then try to reach higher numbers. It's important to monitor the market closely and make informed decisions based on the available data.
It's important to note that the information provided in this article is not financial advice. It's based on technical analysis and market observations and should be taken as such.
Additionally, it's worth noting that Bitcoin Cash (BCH) could also potentially make a similar pattern as Bitcoin (BTC) against the dollar. However, it will be important to observe the price action of BCH against BTC to determine if Bitcoin Cash is also in a bull run, similar to what appears to be happening with Bitcoin. It's important to always keep an eye on the broader market and how different cryptocurrencies are behaving about one another.