RATE Group | When Might Bitcoin Be Ready To Resume Its Bull Trend?
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When Might Bitcoin Be Ready To Resume Its Bull Trend?

12 Dec When Might Bitcoin Be Ready To Resume Its Bull Trend?

Posted at 02:11h in Bitcoin News by

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Two weeks ago, Bitcoin completed a 61.8% Fibonacci retracement ($7,231.40) off the June high as it fell to a low of $6,526. That low put it 52.9% below the 2019 peak.

Bull Flag pattern

The price correction since the June high has been normal and well-constructed, forming a potential bull flag trend continuation pattern. This can be seen as the falling parallel trend channel in the enclosed charts.

BTC/USD Weekly Chart

Given the significant advance in the first half of the year, and the related signs of a trend change from bearish to bullish, Bitcoin has a good chance of eventually triggering a continuation of the new bull trend. The 2019 rally exceeded several prior swing highs and the 10-week exponential moving average (ema) crossed back above the 34-week ema.

Have we seen the bottom?

The question now is, has the bottom of the retracement been reached or might Bitcoin pullback further than it has so far? There’s no way to know this ahead of time but we can identify some important…

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