Theorizing about whether a bottom may be forming is a chat room favorite but what about the trend in price?
The breakdown below that mid-June low is seen clearly on this chart as well. That former support level failed to provide support this time around. It’s bearish that bitcoin is now trading below the 200-week moving average. The clear downward turn of the 50-week moving average is apparent.stockcharts.com
This type of chart is included for the clarity it shows. It would be hard to argue that this is anything but a downtrend.
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