Bitcoin (BTC) bull market is just not over but: Worth evaluation

Because the promoting strain will increase on Bitcoin, pulling it down from the final refuge of the bull market trendline, the consensus on social media is that these are the final rites and that the bear market beckons. Might the consensus be unsuitable?Bulls are beginning to put up a fightSource: TradingViewThe primary level for the bears within the 4-hour timeframe is that the $BTC worth has continued to descend and has dropped beneath the bull market trendline. There isn't any sugar-coating this however … it does reasonably look as if the bulls are beginning to put up a struggle right here. The final 4-hour candle was heading down steeply however was then purchased up shortly leaving a good sized candle wick behind. If the value can maintain above the robust help degree, the subsequent large face-off between the bulls and the bears will happen. This can both be a rejection or breakout of the descending trendline (faint dotted line). A rejection would imply the value getting additional away from the key trendline, whereas a breakout must also coincide with the breakout of the neckline of a W sample. This might take the value again to the relative security of being above the key trendline once more.Breakdown has been confirmed however …Supply: TradingViewLooking on the day by day chart for the $BTC worth it's fairly tough to whip up some bearish sentiment. Sure, the value has fallen beneath the key trendline, and sure, not less than for this timeframe, the breakdown has been confirmed. Nonetheless, going again alongside this trendline, there was a earlier case the place two candle our bodies closed beneath, however the subsequent candle physique shot again above and the bull market continued. Might this occur once more right here?The Stochastic RSI indicators are very close to the underside, as they're on most time frames. Even when there's a additional fall from right here, it could be unlikely to descend an excessive amount of additional, provided that upside worth momentum is doubtlessly solely simply across the nook.A fast tweak of the bull market trendline and Hey Presto!Supply: TradingViewMoving the key bull market trendline? Is that this dishonest simply to make a selected state of affairs work? Okay, when drawing a trendline, you goal to take the trendline by means of as many touchpoints as potential. When you have a look at the unique trendline (faint dotted line) together with the start of the trendline, there are 4 touchpoints. The redrawn trendline additionally has 4 touchpoints, though the massive crimson candle wick down on the finish of July 2024 might in all probability even be included, making it 5. Some will then say, “what in regards to the inexperienced candle wick down on the finish of March 2025?”. This doesn't contact the newly drawn trendline. Whereas it could be a extra full trendline if it did so, within the grand scheme of issues it doesn’t must. The principle factor to contemplate is that they're each legitimate trendlines. The unique one is extra legitimate on the weekly timeframe, whereas the newly drawn one appears to be like barely higher within the 2-week timeframe.Another factor to keep in mind, particularly from a bullish perspective, is the descent of the Stochastic RSI indicators on this timeframe. The weekly indicators are already on the backside. With the 2-week indicators to backside quickly, this might portend the subsequent large upside wave. Nonetheless clinging to hope? You wager!Disclaimer: This text is supplied for informational functions solely. It's not provided or meant for use as authorized, tax, funding, monetary, or different recommendation.