Bitcoin Might Finally Break Its 9-Week Red Candle Streak
2022.05.30 19:36
Bitcoin Might Finally Break Its 9-Week Red Candle Streak
- Bitcoin continues with the bear market for the ninth week in a row.
- The coin hovers at around $28-30K.
- According to Lark Davis, a bull is expected to take over the market by week 10.
Bitcoin is expected to get past the 9-week bear market after it’s given investors a slight hope by going up 5.20% during the last 24 hours. Many indicators are pointing to the conclusion that Bitcoin might be going up by week 10.
Historically, as the Dollar goes down, Bitcoin goes up – which indicates that the next couple of weeks could be the right time for Bitcoin to go up. The Dollar index shows a drop, which could mean a lucky time for crypto investors.
The Dollar index (source: Tradingview)
In the same matter, the stock market is going up as well, and since the crypto market is related to the stock market, we might witness the next bull after a short while. Yet, this bull might be affected by the stock market’s current state.
It also should be noted that Bitcoin has broken its red candles record, as the 9-week bear was the longest continuous bearish state so far. Yet, it is expected now to go back up to around $38K.
This estimation is built on the fact that a major down trend line has been controlling the market’s ups and downs for a long time. If Bitcoin goes up, the coin’s price will hit the major down trend line at around $38K.
When #bitcoin breaks out past the little orange line in the blue circle then that will likely set us on the trajectory for a major relief rally back up to 37 or 38k.
This will test the major down trend line which is defining this down market. pic.twitter.com/hMDfqIWtoo
— Lark Davis (@TheCryptoLark) May 29, 2022
After that, the price either breaks the line and heads higher or bounces back into a new bearish state. This will also be affected by the state of the stock market, the federal regulations, the global acceptance of cryptocurrencies, the Dollar index, and many other factors as well.
As Bitcoin’s price goes back up, it will definitely be a good time for crypto investors and enthusiasts to pay closer attention to the market again.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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