Bitcoin heading north again and it is good sign for bitcoin bulls. The digital currency is rising again at least momentarily, the bulls rule and bears are struggling somewhat. While the Crypto Currency has experienced a steep fall in the last few months the investor’s appetite seems to be building a bit. This can just be a case of value buying or a sign of imminent reversal in fortunes.
Bitcoin in Today’ Trade
So far in today’s trade Bitcoin is up by 919.61.Well Bitcoin is actually shinning today, can this be the day when the long term fortunes of the currency change? Or maybe it is a little early to say. It would nevertheless be safe to say that if the current trading continues it can contribute in altering the overall technical view of the currency at least in the short term. To contextualize it let’s revisit the event on 10th of November 2021 when Bitcoin ascended to an all-time high price of $68000 but aggressive selling quickly reversed the trend and it has been on descend ever since. The prime digital currency has so far lost $37625.8 or 55.33% in value so far. Considering the recent history would it be fair to say that a trend reversal is in sight?
What are the Trends for Bitcoin? Heading North but how good is it?
It is possible that the definition of trend might vary, many analysts are of view that the medium term trend is of utmost importance while analyzing an instrument of similar nature. Bitcoin is heading north it seems and has increased in value in the last 31 days which implies that the trend is now green in my opinion which should be good news for bulls. 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.
