It's a new day with another mountain of bullish news with another publicly-traded company announcing their purchase and confirmation of which university endowments are buying Bitcoin. But with all this bullish news, Why is the Bitcoin price not Bullish? What is going on?
Bitcoin is still in a downtrend right now; we have not broken out of that yet. Bitcoin has been rejected by above the 50-period moving average on the four-hour charts.
So you can see here that there was an attempted breakout; unfortunately, that break out ended up being nothing more than a fake-out move, low volume in this, which is quite indicative.
There is not enough conviction in the market, and that it could be a fake-out move, which is what it was. What we want to see now is a green candle above this purple line with substantial volume coming behind it; until we see this happening, Bitcoin is still in a downtrend. We are a few from what could be a bearish crossover, with the 50 periods moving average falling under the 200 period moving average on the four-hour chart. It may not happen, but if it does happen, it may not mean that the price will fall dramatically, considering the trend of the market currently.
