Sorry in advance for my noobish analysis and language (non-native english speaker here)
Data: BTC/CNY - Houbi - 4h
Even if Bitcoin price is recovering since November 21st, it seems that we haven't escaped the major downtrend yet.
A similar move happened earlier on Nov, 18th (green line) and support broke after getting squeezed between fibonacci & uptrend lines (solid green lines vs. dotted blue ones & colored fibonacci zones).
Momentum: Mom "broke out" with the beginning of the latest recovery phase, but this doesn't mean, bulls are in charge now - The same thing happened on November, 16th and current moves here are far too low for now. To confirm a new uptrend, Mom should at least form a higher high at 125+ PVT confirms this onholding downtrend for now, but we're close to break the line here. also shows no movement at all for the past hours.
Conclusion: To escape the ongoing downtrend, Bitcoin needs waaaay more and a higher momentum. It's currently very easy for Bears to strike over and over again if uptrends keep on moving as slow and cautiously as in the past days.
That's it for now.
Feel free to comment my charts :)
small change: I noticed that my blue trendlines were too restrictive and too inflexible, so i switched to Fib Fans, beginning on Nov 13th (which seemed to be better aligned to PVT/Mom/RSI anyway).
For now, the uptrend seems to consolidate, but as always: watch out for Bulltraps and check the Fib fans+retracement borders as well as the trendlines for PVT/Mom/RSI.