- The rally smashed through the 200 Day Moving Average, and is currently trading above it.
Here is what is interesting to me:
The rally actually stopped at the Monthly 21 . It is a very important long term level in my book, because of how the price behaves with it. You can see how Bitcoin used it as support for 5 months during 2018 before finally breaking down from it in November. The more a level is tested, the weaker it becomes.
For a few months the price consolidated in a triangle before breaking upwards just recently.
In 2015, after the Major Bitcoin low, there was a rally that actually resembles what could be happening right now. After a period of low , it made a sudden surge all the way to the 21 Monthly , then dropped quite significantly. After that, Bitcoin rallied back up and finally broke up from that , thus ending the bear market.
For me, if bitcoin manages to smash through the Monthly 21 , and successfully retest it as support, the bear market is over.