I would like to comment from my point of view, why bitcoin is bullish, and what is really in a bullish trend, even if the chart indicates a range.
As can be seen in A, bitcoin had started to give bullish signals, as it turned old resistances into supports, and formed a triple bottom in that support.
From there, a trend change began, a bullish one, indicated in the image by the green line.
However, the covid thing happened unexpectedly and the price fell due to two factors:
1. People sold bitcoin because of the panic that entered the market
2. There were people who sold bitcoin because they needed cash to get the virus
The immense fall of bitcoin the only thing that caused was that large investors bought bitcoin very cheaply, as observed in the circle.
And from there, it has returned to its trend, which is bullish.
What I mean is, that this fall-recovery does not change the value of bitcoin. It has been an isolated event, but it does not change the fact of what makes bitcoin unique: the independence of banks.
Therefore after this episode of covid in the price, bitcoin has returned to the trend it was in before the event, since the uncertainty is disappearing, and with it returning to its real value, which is a higher price.
As can be seen in A, bitcoin had started to give bullish signals, as it turned old resistances into supports, and formed a triple bottom in that support.
From there, a trend change began, a bullish one, indicated in the image by the green line.
However, the covid thing happened unexpectedly and the price fell due to two factors:
1. People sold bitcoin because of the panic that entered the market
2. There were people who sold bitcoin because they needed cash to get the virus
The immense fall of bitcoin the only thing that caused was that large investors bought bitcoin very cheaply, as observed in the circle.
And from there, it has returned to its trend, which is bullish.
What I mean is, that this fall-recovery does not change the value of bitcoin. It has been an isolated event, but it does not change the fact of what makes bitcoin unique: the independence of banks.
Therefore after this episode of covid in the price, bitcoin has returned to the trend it was in before the event, since the uncertainty is disappearing, and with it returning to its real value, which is a higher price.