Have we bottomed out yet? Depending on which exchange you look at and how you draw your trendlines, BTC has either just recently pierced through the downward pointing trendline or is still inside a big triangle pattern. I have recently tended to favor the latter, since we have not seen any volume spike during the latest days to confirm a breakout. Thus, the below image should illustrate the furthest you can stretch the triangle at this time with the price still remaining inside of it.
Technical indicators seem neutral at this point, so it's hard to see a clear direction at the moment. But I still favor a breakout to the upside of this triangle in the near future.
Average volume is at its lowest since the spring of 2017, indicating some exhaustion. Some altcoins have also spiked off their bottoms recently, XRP being the clearest example, perhaps acting as leading indicators. Of course, nothing is certain. But I doubt we will go much lower than this now. Let's hope for a nice year-end rally!
Edit: We broke down. Panic selling started and we dropped substantially. Perhaps a final shakeout will speed up the final phase of this bear market.
