“After the ATH , the bulls took time to breathe – the bears are in charge.”
Reasons for a further decline in the price of Bitcoin:
– As you can see, the price is already trading under the moving averages, which tells us that bears dominate in the 20-day distance. (the longest moving average of the three has a period of 120)
– We have updated the local minimum from October 28 (marked with a gray tick), which opens the way to the minimum from September 29 (marked with a red tick), this is an area of $40k
Reasons for Bitcoin’s growth:
– The renewal of the November 21 high will break the current downtrend (marked with a black tick ) and this may activate additional demand, especially in light of the fact that not so long ago an all-time high was set (marked with a blue tick ) and a slight pullback is quite natural.
– The mood of euphoria has changed to fear if we pay attention to the fear index. At the time of writing, the “Crypto Fear & Greed Index” is at 32, which is good.
Locally, the bears have an advantage until we secured above 60k for one Bitcoin .
The only thing left for the bulls is to view the situation from a wider angle, and the main thing is to prevent the dropping of the price below $40k.