hey everyone and thanks for jumping back into the cryptoverse today we're going to talk about bitcoin and simply look to see if we can break the downtrend if you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below let's go ahead and jump in this has been a brutal downtrend for bitcoin one of the reasons is because it's been fairly unrelenting and we've been putting in lower high after lower high after lower high you know i was wondering why has market sentiment been so bad recently and i i think a lot of it is a lot of it could probably be simply boiled down to unmet expectations because again a lot of people were assuming that we would have a parabolic move by bitcoin and qNUMBER_TOKEN obviously there was no reason we ever had to have a parabolic move by bitcoin and qNUMBER_TOKEN and so you couple the expectations with actually bitcoin going down NUMBER_TOKEN or so over the last month then of course market sentiment is pretty bad right now with that said this move over here while it was technically worse than the current one is anyways market sentiment didn't seem quite as bad as it has recently and i think a lot of people just assume that the cycle's over and that we are destined to go back down to much lower prices um but i would still argue that while it is certainly possible we have further downside from here uh i mean you cannot discount the fact that we easily could there still is a good chance in my opinion that the market cycle will push on and we will have a lengthened cycle and this is what we've talked about for a long time now the more pressing question right now is can bitcoin break the downtrend okay i mean this is the first order of business if we can't break the downtrend then all we all we really need to do is just draw a line through the downtrend and continue to extend it and and you can sort of speculate on where we might be if the downtrend doesn't break so the first order of business of course is can bitcoin break the downtrend and looking at i know hold on to your hats but for our candles this is what we get okay and if we zoom in more recently and then just draw a line at the top of the candles down we are we are potentially trying to break it now no one and i mean no one is getting out of bed for a NUMBER_TOKEN NUMBER_TOKEN bitcoin i can assure you of that but really you know realistically we'd like to see it get above well above NUMBER_TOKEN let's just call it NUMBER_TOKEN k okay why well that was where the last local top was at around NUMBER_TOKEN k i mean really it was slightly below that so if bitcoin could get to NUMBER_TOKEN k then at least it's not you know we've at least at least temporarily broken this downtrend now what's interesting is of course you could draw this trend line a number of different ways which is one of the reasons why i'm not the biggest fan of trend lines uh we do know this is a four hour candle so it's technically possible that it could be a wick depending on you know how it plays out here over the next few hours you could also draw the trend lines just from the absolute price that it reached and then and then connect those and see where we are as well but of course
START_INTERACTION_TOKEN you guys like the content make sure you subscribe to the channel give the video a thumbs up and also check out the telegram channel which you can find a link to in the description below let's go ahead and jump in END_INTERACTION_TOKEN