Is the Bear Market Over?
Bitcoin has been hovering around the mid-$26,000 region for the past few weeks. Is this a sign that the bear market is over? Or is there more downside to come?
Let's take a look at some charts and see where the crypto markets are headed in the near future.
Bitcoin Key Moving Averages
Blue = 21 month EMA. Black = 200 week MA. Red = 21 week EMA. Green = 128 day MA.
In the chart above, we have plotted most of the key moving averages that BTC respects and reacts well to. Bitcoin is currently testing the 200-week moving average, which in the past has been a good indication of a bottom being in. However, as we saw in late 2022, Bitcoin broke below this moving average by quite some margin.
Previous bull market support areas remain to be in the general area of the 21-week EMA and more importantly the 128-day moving average. If BTC does get to these levels, which are currently around $25,300-$25,700, we can expect a reaction.
Bitcoin Pivot Levels
The chart above shows the key pivot levels that BTC trades around during a particular year. If we go back to 2022, BTC lost the key pivot level at around $47,000 and never managed to regain that level for the rest of that year.
Looking at current times, the level I am watching is the $26,700 pivot level area. BTC managed to break above that level in March but is currently fighting to stay above that very area.
For the remainder of this year to be bullish, I would not want to see multiple week rejections from this level. The sooner Bitcoin can flip $26,700 comfortably as support, the better it will be for the entire crypto space.
Closing Thoughts
BTC is still in its consolidation/correction phase from the $15,000 run up from late November. It is possible that BTC can test as low as $25,300, however a strong bounce over $26,700 would then be needed to show the bulls are in control. I remain bullish on the year until the charts tell me otherwise.
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Disclaimer
Please note that the information presented in this review is for informational purposes only and should not be considered as investment advice. It is important to understand that cryptocurrency assets are known for their high market volatility, and engaging in buying, selling, or trading them involves substantial financial risks. It is recommended to exercise caution and conduct thorough research before making any investment decisions. The responsibility for any financial consequences resulting from your actions lies solely with you.
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