As described in previous analyses, bitcoin has continued in a downtrend and has stuck to the projected targets on the daily chart. According to Transfero, a rebound or correction is expected at this point.
However, for a trend reversal, a pattern formation is needed to show it. It is worth noting that the US$20,000 region is already being defended by buyers, given the long wicks on the daily candles.
From the weekly chart, it is possible to visualize the bitcoin seeking the 200-period average, which in turn has held the asset’s price the last three times this has happened in its history, marking historic bottoms.
Many see it as a unique buying opportunity, especially for those looking at a long-term horizon. Despite being in a downtrend, the 200 moving average and the previous tops in the US$20,000 and US$14,000 regions are relevant long-term supports, so buyers and sellers may fight in this region for a while.
According to Transfero, it is possible to think of a region of a possible trend reversal.
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