Bottom confirmed but not a bull market yet!
BTC finally broke out of the descending triangle it was stuck in for the last 6 months. The recent price movement also broke the 200 EMA which is a good sign that we might have finally hit the bottom on 18. December at € 5.8k.
Still that doesn't mean that we are in a bull market yet.
The incoming retrace will confirm or disprove a bull market. If we can find support at a higher low than recent lows (say € 7k) this would be a strong sign that we're entering a bull market. If we fail to hold 7k I would expect a rather long sideways move or even a continued bear market for at least another month or two.
Still that doesn't mean that we are in a bull market yet.
The incoming retrace will confirm or disprove a bull market. If we can find support at a higher low than recent lows (say € 7k) this would be a strong sign that we're entering a bull market. If we fail to hold 7k I would expect a rather long sideways move or even a continued bear market for at least another month or two.
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