After a clear bullish engulfing forming in the January weekend of 22nd, 23rd with continuation there after, there are several factors to be considered:
1. Possible solid bottom has been formed at ~35,000 2. Bitcoin has broken the major resistance at ~41,500 with a lot more ease than expected, dictating a more easy uptrend towards ~44,000
After breaking the ~41,500 resistance, Bitcoin now has to form a new support which is not yet forming nor beginning. This is to be expected in the upcoming weeks.
The highlight, Bitcoin has just broken the down trend which started back in November 2021. If it continues on this path, we could see an easy continuation to ~50,000 as bullish sentiment is rebuilding.
The key conclusion to be taken is that Bitcoin has not yet formed a new support line as its base for this uptrend.
I think downtrend is deffinatly over for those who still expect btc to 30k or lower are just guys who are jeallous who didnt buy at low price and just wanna see it lower it has no sense with patterns and graphs they make,whole world is slowly getting to btc so i feel sorry for these bear guys
UnknownUnicorn35305092
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@Hyper420, that is a possible true fact. A lot of traders might have just missed buying the dip believing that BTC might go even lower.