The BTC bear market is not over yet; What are the prospects?

This week, bitcoin has recovered, firmly entrenched above $7 ' 000, although the chart still contains a steep downtrend. We consider the short-term perspective from the point of view of technical analysis.

After rising in the middle of the week, bitcoin remained around the level of 7 ' 500 dollars. The attempt to climb above 7 '600 dollars yesterday did not last long, and within a few hours BTC fell again, reaching an intraday low of 7'380 dollars right on the 50-hour moving average.

According to Tradingview, after the formation of the daily minimum, BTC will return to the level of $7 ' 450.

From its six-month low of $ 6,550 on Monday, bitcoin has recovered nearly 14% and looks bullish in the short term. The longer-term charts are clearly bearish and bitcoin has lost more than 20% this month, painting the month red.

Compared to the end of November last year, things do not look so bad, as BTC then traded at just over 4 ' 000 and continued to fall.

Traders and analysts are not fully convinced that the bear market is over, and as "DonAlt" writes, this week's green candle is only 50% of last week's bright red candle. The analyst writes:

4 weeks of selling, followed by 1 week of rebound, are not necessarily bullish, as small timeframes show. For reference, this green candle "only" recovered 50% from the previous one.

A break up should fill the green candle or at least return to $8'200, whereas the buy zone will be below $6'200.

The daily chart also shows that the 200-day moving average is leveling off and starting to turn down, which is a strong indication that the uptrend that began in April has definitely run out of steam. Of course, this indicator is extremely lagging and reacts long after bitcoin has passed the next price action, so of course BTC can go the other way if there is a trend reversal.

Analyst Peter Brandt aptly observed that markets don't care what analysts think or predict, and they'll just do their thing regardless: "I'm surprised why traders take market analysis, trade results, or other people's opinions personally. The market has no idea who we are, and it doesn't care if we're right or wrong."
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