When Will Bitcoin Start To Recover?

Let's look at this question together shall we?

When will Bitcoin recover?

Here we have the daily timeframe chart with a clear downtrend starting after 10-Nov.

We have basically straight down since this date.

Now, we've reached support, two mains scenarios can play-out.

(1) The support level is tested and fails, Bitcoin continues lower for a bit longer.

(2) The support level holds and a reversal starts to take form.

- The support level here in question stands at $46,000 to $47,000, which is in between MA200 and EMA300.
- We also have the long lower wick on 4-Dec. that hit $41,967 as support.
- EMA50 Weekly stands around $44,700.

So staying above $42,000 is very important for the bulls.

Short-term we have a downtrend (purple lines).
We have some bearish signals... But very soon things can change and we see Bitcoin go up!

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Namaste.