Wootrade Network: Your Altcoin Choice (S5)The downtrend has been broken. When the downtrend is broken the bearish action ends. When the bearish action is over it is the start of the bullish cycle. Cycle implies long-term not only a bullish jump like we saw before. In late 2024, in late 2023 and so on, no! This time it will be different of course because the market takes time to grow big, to accumulate to prepare for the bull run phase in late 2025. We will have a mini bull run within 1-2 months.
So the downtrend is represented by the upper magic red line on the descending channel. Notice the end of the channel produces a rounded bottom (the cup pattern) and then the action moves above the red line. So here the downtrend is broken based on TA.
The force that was pushing prices lower is no more. The market is no longer under this bearish influence. This is what it means when we say the downtrend is broken. No more bearish momentum and hopefully no more lower lows. There can be shakeouts, swings and retraces but these would end in a higher low compared to the channel bottom.
In some instances, the market can test support on wick and close above it. This wouldn't invalidate the bullish bias and potential and we can interpret it and understand it for what it is, a shakeout.
The time for shakeouts is gone and now we are set to experience long-term growth.
Thanks a lot for your continued support.
Wootrade Network hits bottom. From the bottom we grow.
Namaste.
