🔥 Bitcoin Finally Broke The Short-Term Downtrend

Since the huge sell-off early in December, Bitcoin has been trading in a well-defined downtrend. During this downtrend we saw a strong shift from bullishness to a more bearish narrative.

I made the analysis above a week after the initial drop. As long as the price is below the Bull-Bear line, we're bearish. I will be bullish again once we're above it.

As of this morning, the price has finally managed to break out of the bearish channel. This is a very good thing to see. However, we need to break through 49.5k first in order to construct a new local top from which we can potentially attack the bull-bear line.

Things are looking better, but we're not there yet.

Happy trading!