Bitcoin broken its downward trend line
Bitcoin has found strength and it has broken its bear trend to some extent. The evidence of this can be seen by looking at the chart below, the downward trend line is no longer valid as the price has broken out of it. However, this is not to say that the bear trend has lost its power. The price is still trading below the 50, 100 and 200 (green, orange and pink) moving averages respectively.
In order for the bulls to have some cofidence, the price needs to stay above the downward trend line and move above the moving averages.
