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Despite recent volatility, the long-term outlook for Bitcoin is still bullish.
Despite being down 30% from its November high, it is still in a long-term uptrend and has yet to break below key support levels.
"Our long-term gauge still points higher despite this month being down-ticked," he said.
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One technical analyst is still bullish on thecryptocurrencies despite the recent sell-off.
Despite the recent volatility, the long-term outlook for bitcoin remains positive according to a note by Fairlead Strategies.
A relief rally helped recover some of the losses that had been suffered by the coin. The price of the world's most valuable coin fell to $47,800 on Tuesday afternoon, from a high of $50,000 on Monday evening.
Despite the back-and-forth action, bitcoin has managed to hold above its key support level of $44,200. The note states that the test of that level helped improve short-term momentum to neutral from bearish.
The weekly moving average convergence divergence (MACD) indicator shows that in the medium term,bitcoin's momentum is weak and in bearish territory. "But we would assume a neutral intermediate-term bias if the weekly stochastics cross over," he said.
With a neutral short-term bias and a bearish intermediate-term bias, the price is in a choppy trading range with key short-term resistance between $54,600 and $55,600.
The long-term gauge still points higher despite this month's down-tick.
The next target for bitcoin would be long-term resistance around $65,000, representing a potential upside of 35% from current levels, according to the note.
Despite the recent sell-off, the stock market bottomed in March of 2020 and since then, the stock market has appreciated 693%.
Markets Insider.
Business Insider has an original article.
