Update to the previous chart " Idea of the Bitcoin Bull Market Channel"
The third pullback (started in April) is currently down from 23% to 54%.
At this chart we can see first signs of recovery after 16 days of downtrend continuation.
Key levels of resistance marked.
As well as two news indicators are added (moving averages):
20 week SMA and 21 week EMA
As per the history, Bitcoin usually trades above them during the bull market phase.
At the moment, we are still below and 21 EMA is currently coinciding with the second resistance level of 46700.
Breaking above it (and confirming) would be a good confirmation of potential bullish continuation.
At this chart we can see first signs of recovery after 16 days of downtrend continuation.
Key levels of resistance marked.
As well as two news indicators are added (moving averages):
20 week SMA and 21 week EMA
As per the history, Bitcoin usually trades above them during the bull market phase.
At the moment, we are still below and 21 EMA is currently coinciding with the second resistance level of 46700.
Breaking above it (and confirming) would be a good confirmation of potential bullish continuation.