"The bulls are still in place ... locally, the initiative is behind them, but this is only the beginning."
On the chart, you can see that since December 20 we have had an uptrend, which means that the lows and highs are increasing (marked with green dots)
This means that the area that we marked earlier in gray, where the bulls should have activated, was identified correctly.
But also from the previous analytics, we noted the maximum, which is marked with a yellow checkmark, the price needs to update this maximum and stay above it, or the level marked in black. In this case, a prerequisite for more substantial growth will be formed.
Until that happens, the gray area is still relevant. This means that the initiative is behind the bulls, but the bears can easily intercept it again.
I would also like to note the volumes that accompanied the latest growth (circled in red) - this is a good sign that there is enough demand.
Total
If you are negative about Bitcoin right now, the price is where the bears need to work hard to take back the initiative.
If you are positive about Bitcoin, then it is worth waiting for the price to overcome the current resistance.
On the chart, you can see that since December 20 we have had an uptrend, which means that the lows and highs are increasing (marked with green dots)
This means that the area that we marked earlier in gray, where the bulls should have activated, was identified correctly.
But also from the previous analytics, we noted the maximum, which is marked with a yellow checkmark, the price needs to update this maximum and stay above it, or the level marked in black. In this case, a prerequisite for more substantial growth will be formed.
Until that happens, the gray area is still relevant. This means that the initiative is behind the bulls, but the bears can easily intercept it again.
I would also like to note the volumes that accompanied the latest growth (circled in red) - this is a good sign that there is enough demand.
Total
If you are negative about Bitcoin right now, the price is where the bears need to work hard to take back the initiative.
If you are positive about Bitcoin, then it is worth waiting for the price to overcome the current resistance.
