Is the Bitcoin bear market over?
When Bitcoin reached a high of $19,343 on December 16, 2017, investors were of the mind that sky was the limit. What happened next was the biggest reality check the cryptocurrency has ever seen. From mid-December through essentially late-March, Bitcoin’s price plummeted some 65%, and with the benefit of hindsight, one could argue that it displayed traits commonly found in equity bear markets: a steep, scary drop, followed by a dead cat bounce (February), followed by another down leg. Bear markets often deplete investors’ hopes in cruel ways, and for many, Bitcoin’s bear did just that.
But maybe the dark times are over. One could argue that since late March, Bitcoin’s price has found a support level, moving in a sideways trading range of about $6,600 to $7,000. But something interesting happened on April 11, when the price of Bitcoin broke out to the upside and has continued to make strides higher to date. The question is, is Bitcoin officially in recovery mode, meaning that the rally could continue??
Some technical traders and analysts are now keeping an eye on the 50-day moving average of about $8,600, labeling that price as a key support. The 150-day moving average is higher, at about $9,700, which could also define when Bitcoin could earnestly charge through those levels if it continues to breakout. Tickeron’s AI sees something else.
Tickeron’s Artificial Intelligence Sees Bullish Possibilities in Bitcoin Trading Patterns
Tickeron’s AI confirmed a “Wedge Falling” Bullish pattern for Bitcoin (BTC.X) in mid-April and thinks with greater than 25% confidence that the price of Bitcoin could surge to around $11,500 if the pattern plays out. For investors, that could mark an almost +20% surge from the current level of ~$9,600. On the chart below, you can see the AI’s thinking and details about the pattern formation:
Ready to Try and Capitalize? How to Trade a “Wedge Falling” (Bullish) Pattern
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For a “Wedge Falling” (Bullish) pattern, a trader should consider going long the cryptocurrency at the breakout price, or perhaps purchase a call option in anticipation that the security’s price will rise. Once the target price is reached, either sell the security or check Tickeron’s AI to see if a new pattern has formed.
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The 10-day moving average for BTC.X crossed bearishly below the 50-day moving average on April 17, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 19 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
The Momentum Indicator moved below the 0 level on April 28, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on BTC.X as a result. In of 135 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
BTC.X moved below its 50-day moving average on April 13, 2024 date and that indicates a change from an upward trend to a downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for BTC.X entered a downward trend on May 03, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where BTC.X's RSI Oscillator exited the oversold zone, of 28 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 78 cases where BTC.X's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 438 cases, the price rose further within the following month. The odds of a continued upward trend are .
BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows