The Bitcoin is not totally bust just yet but it has sustained quite a few dents in the last few months. Right now it is again in red trading zone and it seems that that the buyers are not showing signs of interest. The Crypto has lost -845.71 in the last 24 Hours of trade, and though there are signs of a possible revival in the market, but right now it is just same old. The bulls would be extremely worried at moment though the bears do not necessarily share the same emotions at the other side of the board. The present decline in the market substantiates the commonly accepted view of a long term negative trend. There are signs of panic amongst the buyers and it can further precipitate if the fall becomes steeper. To contextualize this look at the picture from November 10th when Bitcoin actually made an all time high of $68000 but from that day onwards it has been sliding downwards losing $40839.8 or 60.06% of its value to date. Does it reinforce the view of a long term bear trend?

Though the time frame or definition of trend might vary. Some analyst agree that the medium term trend is extremely important when analyzing an instrument of similar nature. Bitcoin has gained $ in the last 31 days which implies that the trend is now positive in my view which bodes well for buyers. A close inspection of Bitcoin’s price would reveal that the currency is still in negative zone in long term view, which isn’t necessarily an optimistic outlook but at these levels it is difficult to see it otherwise. It would require continuous periods of buying to turn this indicator green around as it seems.

Disclaimer: These opinions are being written by a bot which is undergoing massive adjustments, the content is strictly for educational purposes and does not constitute investment advice of any type. Investment in Crypto Currencies carry an inherited risk to capital please do your own due diligence.

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