Over last couple of days bitcoin price has enjoyed a bit of a mini surge and pushed up through some resistance.
On linear chart bitcoin has pushed up through a number of these sloping trendlines now which seems, dare I say, almost a little bit bullish. So is it to the moon yet ?
Heres a look at similar chart on log scale.
Looking at this there is resistance at this price, marked with dashed line. Path to the moon looks like is not yet clear. After that price still has to break up from a large bear channel. Despite the current bullishness it appears there still a way to go before the trend is really bullish again.
As discussed in other recent posts I still hypothesise that we are in process of trend reversal but still early days and not yet validated. My thinking is that price is still likely to go down a few times before another moonshot really gets going.