Can Bitcoin Escape the Bear Market? The Moment of Truth Has Arrived

Just over 300 days since the bear market began at the $126K top, the $BTC price has another chance to pierce through the bear market trendline. Do the bulls have enough in the tank for the breakout, or could a rejection send the bulls home to think again?

A breakout in the next hour or so?

Source: TradingView

The short-term time frame reveals how the bear market and the bull market trendlines have arrived at a meeting point which would have the $BTC price forced to the upside or downside by mid-August. However, it can be seen that the price is currently right up against the bear market trendline. Within the next hour or so a breakout could occur, with a new 4-hour candle on the other side of the trendline.

The Stochastic RSI indicator lines are at the bottom, have crossed up, and are about to add upside price momentum. 

Inverse head and shoulders bottoming pattern still to complete

Source: TradingView

The daily chart shows how the inverse head and shoulders pattern is still in the process of playing out. Breaking through the bear market trendline will be absolutely essential for the pattern to complete. It’s just a case of waiting for that right shoulder to reach the neckline. If the $BTC price is rejected from here, there is still the possibility that the right shoulder could develop into a bigger one and still form the pattern. This remains to be seen.

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