Bitcoin has two trends quickly coming to a cross roads. Which one will win? Look at this chart and truly ask yourself which trend is stronger right now. To me bulls are giving it a go but sadly it still looks like the bears are still in control. Huge bear flag formed and coming up again really strong long term resistance and that pesky resistance of 4200. If we don't break 4200 and close above their before mid March, looks like some more downside to go still and may test 2013 ATH.
BTC bear is over when he gets monthly closes above 6200-6600
OR
When BTC gets a few monthly closes above the 5MA Which is very interesting since it´s been one of the most important MAs - if not THE Most important one - Looking at the Monthly chart since BTCs inception.
DarkwolfSE
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DarkwolfSE
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Mate, going above 4200 or even going to 5000-5200 does not mean Bear is over at all...In fact BTC looks ready to go to 4500-5200 right now, and many just like you will probably think bear is over and BTC will crush you when/if it goes to 1700-2400 after that as it seems it should do.
moarbtc
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@DarkwolfSE, well said, I agree that is a strong possibility. I should not have said "end of bull" market. because that is not what I meant. What really my point is with this chart was IF it doesn't close over 4200 soon we are going down to probably to test 2013 ATH or at least in the vicinity. I don't disagree 2400-1700 would be the ball park. See some of my previous charts show that as well.
OR
When BTC gets a few monthly closes above the 5MA Which is very interesting since it´s been one of the most important MAs - if not THE Most important one - Looking at the Monthly chart since BTCs inception.