In this chart I look at the Bull Flag that has formed since Bitcoin has broken above its long-term bear market resistance trendline. This projects a rally towards $23k should price break through the flag formation to the upside. This level coincides with a zone of past resistance and also a Fibonacci trendline projection from the declining bear market channel.
I note also that the previously identified bearish RSI-MACD signal did not trigger a precipitous decline, but instead has recovered. This is the first time in this entire bear market that Bitcoin has recovered from that bearish trigger signal, so it appears something is now fundamentally different in the Bitcoin market.
Could the June low indeed be the bottom of the bear market? Does the dovish indecision of central bankers indicate a market recover is beginning?
What do you think? Are we breaking towards $23k over the few days?
I note also that the previously identified bearish RSI-MACD signal did not trigger a precipitous decline, but instead has recovered. This is the first time in this entire bear market that Bitcoin has recovered from that bearish trigger signal, so it appears something is now fundamentally different in the Bitcoin market.
Could the June low indeed be the bottom of the bear market? Does the dovish indecision of central bankers indicate a market recover is beginning?
What do you think? Are we breaking towards $23k over the few days?
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