There are many indications that Bitcoin will not be entering into a long term bear market but instead will begin a recovery in the next few weeks.
The RSI has bounced off critical lower support at the 20 level,
The Hash Ribbon indicator is predicted to flash the Blue BUY signal sometime between the 24th of May and the 3rd of June.
The pink horizontal line on this chart is the 9 month MA, which will be important to close above at the end of this month. So far so good.
The main negative aspect is that we are still below the red 200 Daily MA. There is a CME gap at around 48k so we may see the price move back above the 200 MA when CME trading begins again next week.
Overall we see this as a good buy opportunity.
The RSI has bounced off critical lower support at the 20 level,
The Hash Ribbon indicator is predicted to flash the Blue BUY signal sometime between the 24th of May and the 3rd of June.
The pink horizontal line on this chart is the 9 month MA, which will be important to close above at the end of this month. So far so good.
The main negative aspect is that we are still below the red 200 Daily MA. There is a CME gap at around 48k so we may see the price move back above the 200 MA when CME trading begins again next week.
Overall we see this as a good buy opportunity.
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