Bitcoin has been in a consistent downtrend since mid-December. However, it appears some of the selling pressure may be weakening, indicating a rebound is imminent.
While this does not necessarily mean Bitcoin is about to hit the next bull run, it does seem to indicate an opportunity to profit is forthcoming.
Analysts see cause for a near-term reversal as well:
- 3 Reasons Bitcoin Price will Rebound in Q2 2018 (CCN) also reported by CNBC
- Crypto Markets Inching Upwards As BTC and ETH Break Previous Price Points (Cointelegraph)
- Fundstrat’s Tom Lee: Bitcoin Price Set to Rise In Late-April After Tax Day (CCN)
To visualize the changing sentiment, you can review the view live charts yourself on Crypto-ML or see the image below.
Assuming the downtrend continues to meet resistance, a BUY signal may be generated by Crypto-ML in the near future.