Quote from: pooya87 on June 18, 2023, 03:19:16 PM

Quote from: Baofeng on June 17, 2023, 10:50:45 PM

It's interesting to see where our support line is, and currently it is still $25k, we have retested that line and yet it covered nicely and it did bounce to $26k++. So we recovered from that critical level. And I think we are still going to be very bullish in the long term.

$25k has proven to be a decent support that is not going to be broken that easily (I mean break and stay below).

Apparently so! After two months waiting for a re-test of $25K, I had thought investors had given up waiting and bought at higher prices. But it seems that enough participants were patient enough here.

Quote from: pooya87 on June 18, 2023, 03:19:16 PM

As for the trend bitcoin will always be bullish in the long term but the question is about the time it would start entering the bullish trend.

The chart below is one example of why/how Bitcoin remains bullish in the long-term imo. The 50 Month MA is the purple line, it's a rough 4 year average (slgihtly longer though). Notably while the 200 Week MA didn't hold as support initially, the 50 Month MA does look like it has supported price with the wick to the downside and now price clearly back above it. We're not far of a green monthly candle either now ($200 / 10 days)

Quote from: pooya87 on June 18, 2023, 03:19:16 PM

For now I don't see the sideways trend changing and I still believe it is all about the overall global economical situation which is "severely strained".

I still think there is a lot more consolidation to come, likely until the end of the year if not longer similar to 2019 or 2015. But whether price reaches $40K or even $50K before consolidating with a correction back down to around $30K is another question. Notably the stock markets have recovered considerably, and a similar type of recovery in Bitcoin by % from ATH would see prices nearer $60K than $50K now.