11 hours ago
4
Key Takeaways
- Downtrend weakening, early uptrend forming.
- February range likely marked local bottom.
- Sellers exhausted, accumulation phase underway.
- Key resistance: 100MA and 0.236 Fibonacci.
- Sentiment positive, but macro risk remains.
Downtrend Shifts Into Early Reversal
On the daily chart over the past seven months, we can clearly see a downtrend from the all-time high in October, which was reached above $125,000.
However, in recent days, a mini uptrend has started to form, breaking the resistance of the broader downtrend. At the same time, price has moved above the 50MA, while still sitting below the 100MA and attempting to break above it as well.
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