From the chart, we can see the orange circle showing a series of multiple lows for the entire 2023. But the last circle in green , dated 1 Nov 23 could be a turning point.
Before we get too excited, a few things need to happen.
1. 1 Nov low was 17110 followed by 17, 193 on 10 Nov - a good sign
2. 6 Nov peak was 17,954 and the next few days has to surpassed this level to near 18,000 price level in order to confirm the change of trend within the channel.
3. Note that overall trend is still bearish in the wider channel (red) and until the price of 18,500 is breached, we can't say for sure that a bullish trend is established. The early adopters may have already park some funds to ride up but I think many consumer investors are still wary and uncertain of the overall direction.
So, be patient and watch the trend, read the news, etc.
Before we get too excited, a few things need to happen.
1. 1 Nov low was 17110 followed by 17, 193 on 10 Nov - a good sign
2. 6 Nov peak was 17,954 and the next few days has to surpassed this level to near 18,000 price level in order to confirm the change of trend within the channel.
3. Note that overall trend is still bearish in the wider channel (red) and until the price of 18,500 is breached, we can't say for sure that a bullish trend is established. The early adopters may have already park some funds to ride up but I think many consumer investors are still wary and uncertain of the overall direction.
So, be patient and watch the trend, read the news, etc.