Bitcoin has a strong possibility of turning bullish
2024-10-09

Firstly, I would like to mention that BTC is currently in a significant Bear trend on the weekly chart. Breaking the weekly trend is more challenging than the daily and hourly for those who are unaware. Isn't it clear??

Therefore, to see bitcoin in a bullish trend, we require confirmation of the Bull. We are already in Bear mode, so we do not require confirmation of that !!!

Having said all that, I would like to mention a couple of things regarding (WEEK EMA 55).

 55-week exponential moving average (EMA) 

The 55-week EMA serves as a robust support line. If BTC surpasses it, the result will be extremely positive. You can also examine May-Jun-Jul 2021 for comparable patterns, as well as explore other cryptocurrencies. It applies to nearly all of them.

Up to this point, BTC has successfully ended above the orange line during previous months.

Therefore, to sum up, BTC is currently in a bear market. There is a possibility of a bullish trend. Only if Bitcoin closes above 69,000 daily and maintains a strong grip on this level will the bullish trend be confirmed. 

Best wishes .