Hello traders investors and community, like many people talking about the next bull or bear phase I want to have a rational look on the things going on, as of talking, technically we are still in an overall big consolidation phase.
As you can see in my chart we have this long long important support line just below us, this support line has its origins at the very beginnings of bitcoin in 2013. This support line needs to hold otherwise bitcoin will visit the zone and go playing with the fishes, it will be a definite signal when we cross this support line to the downside. What is the good thing right now is that we are in a neutral position where the potential for a possible bull continuation is given.
On the other side, there is also a huge resistance which is marked in red in the chart and stands for a crucial step in turning for bitcoin , this resistance is important to be broken when we consider the scenario. Also we have the two trend-lines consolidating into each other, the support trend-line and the resistance trend-line, they are forming an ultimate "Decision Process End-Date" as you can see it marked with the blue vertical line in the chart and it is the 29th of November, until this date the definite decision will happen.
What is with the halving cycle? The important halving cycle which I predicted in a previous forecast can technically still develop, we have the "Bitcoin Halving Date" on the 13th of May, after this date is possible for bitcoin to see a surge in price as seen after previous halving dates but remember until the price hasn't confirmed the huge crucial resistance above us as support bitcoin is still in a neutral consolidation phase and the potential to turning again is given.
The corona fears going on and the panic on the markets shouldn't be ignored, as for now, many countries increase the restrictions against the public. We have a confirmed recession in the US and the stock market is down. In this case, bitcoin can form an anticyclical market movement in the other direction but that has to be, as I already mentioned, confirmed in the structure and we saw the last days how fast bitcoin can turn taken off by the corona fear sellings.
In this manner "Success is not final; failure is not fatal: It is the courage to continue that counts."
Information provided is only educational and should not used to be for market purposes.