{"id":405768,"date":"2019-11-29T04:00:11","date_gmt":"2019-11-29T04:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=405768"},"modified":"2024-06-11T13:34:38","modified_gmt":"2024-06-11T13:34:38","slug":"bitcoin-bears-may-not-be-over-yet-will-black-friday-turn-red","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bears-may-not-be-over-yet-will-black-friday-turn-red\/","title":{"rendered":"Bitcoin Bears May Not Be Over Yet, Will Black Friday Turn Red?"},"content":{"rendered":"

Bitcoin has made a minor recovery this week to regain position in the mid-$7,000 region. Zooming out to the monthly view though still portrays a steep down trend and the bears may not be over just yet. Will Black Friday turn into a red one for Bitcoin today?<\/p>\n

Bitcoin Holding Ground<\/h2>\n

Following its mid-week pump, Bitcoin has remained at the $7,500 level for the past day or so. \u00a0A quick visit above $7,600 yesterday did not last long and within a few hours BTC had fallen back again to hit an intraday low at $7,380 right on the 50 hour moving average according to Tradingview.com<\/a>.<\/p>\n

\"bitcoin\"<\/a><\/p>\n

From there it regained a little composure to return to the $7,450 level following a golden cross on the very short time framed hourly chart.<\/p>\n

Since its six month low of $6,550 on Monday Bitcoin has recovered almost 14% and in the short term appears to be bullish<\/a>. The longer term charts are clearly bearish though and Bitcoin has dumped over 20% this month making it a red November.<\/p>\n

Compared to late November last year though things are not looking too bad as BTC was trading just over $4k back then and had further to fall.<\/p>\n

Traders and analysts are not fully convinced the bear run is over yet, and as \u2018DonAlt\u2019 pointed out this week\u2019s green candle is only 50% the size of last week\u2019s heavy red one.<\/p>\n

\u201c4 weeks of selling followed by 1 week of bounce isn’t necessarily as bullish as the small timeframes make it out to be. For reference, this green candle “only” reclaimed 50% of the previous one.\u201d<\/p><\/blockquote>\n

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$BTC<\/a><\/p>\n

4 weeks of selling followed by 1 week of bounce isn't necessarily as bullish as the small timeframes make it out to be.
For reference, this green candle "only" reclaimed 50% of the previous one.<\/p>\n

I'm personally not looking to rush into a long position just yet. pic.twitter.com\/cocbewmTUz<\/a><\/p>\n

— DonAlt (@CryptoDonAlt) November 28, 2019<\/a><\/p><\/blockquote>\n