The bear market have lingered and has made many people lose faith in cryptocurrency. This is evident in the number of sell off recorded for the past few months. However, signs of recovery are beginning to emerge; BTC have crossed $7000 and still remain strong. Similarly, Ether have started showing strong signs of recovery after depreciating significantly for the past couple of weeks. Can we therefore, say that the much awaited upward trend is here?
What is your opinion?
I think it is much much too early to tell. We need to wait until a clearer picture emerges, and unless there is a very sharp and sudden movement I would say we'd need to wait a month or more.
If you look at the charts over a short period of time, it looks like a recovery has started... but if you look at the chart for the last 12 months, you can see that we are still in the general downward trend that started in January.
What we've seen in the last few days is a small upwards movement that is against the overall trend.