In order for the bulls to prove their case, they must convincingly break above the uppermost resistance outlined on the chart. A stable move over $300 would be an indication that the bull trend would continue. Barring that, the prevailing trend is still down and it appears that it is going to play out as I suspected and indicated in my earlier ideas in which I made the comparison to the May-July reversal pattern which appears to be playing out here.
I still don't see any coherent short-term patterns for some reason, so I'm waiting until either we can confirm the short-term upside or the long-term downside. The retracement I expected has already played out, so this is a major decision point for bitcoin, but given the rising volume an declining price over the last year, I see no reason why the trend shouldn't continue. I expect the price to rise sometime around the next new moon, at which point the bulls will be stopped and the bears will return.
I still don't see any coherent short-term patterns for some reason, so I'm waiting until either we can confirm the short-term upside or the long-term downside. The retracement I expected has already played out, so this is a major decision point for bitcoin, but given the rising volume an declining price over the last year, I see no reason why the trend shouldn't continue. I expect the price to rise sometime around the next new moon, at which point the bulls will be stopped and the bears will return.
