Bitcoin has rebound once again to 7400 USD after making a local low of 6500 USD according to Bitstamp. It’s too early to say that there is a trend reversal happening, but there is a possible new trendline forming with the recent bottoms. Last few months were rough as Bitcoin has fallen by more than 70% from the ATH of 19800 USD and several altcoins have made their lows at 80-90% below their previous USD highs.

We illustrated a bullish possibility in the above chart. What we can gather from the available info is that:

we have reached oversold RSI territory for now, previously the price moved upwards from these lows

RSI is also attempting to break a declining trendline upwards

We managed to reach a higher bottom price-wise and might move along the slowly rising baseline (yellow)

There are 2 declining trendlines to break, in case BTC manages to break upwards we might see a bullish momentum (blue)

A bearish case would be if Bitcoin breaks below the rising trend and goes for a double bottom first and possibly breaks down below it. Either way Bitcoin could potentially move sideways for a longer period now as every market cycle needs accumulation in order to continue.

Together with the rising Bitcoin price, some altcoins are riding the momentum and making really positive 24H gains according to Coinmarketcap.com:

You might have noticed that a good part of these gainers have been medium to high cap currencies meaning that they own fairly good liquidity, which is a good sign as we are seeing some strong markets in action. Let’s hope that the Bitcoin price can either keep the current level or move upwards, which case would be also suited for a potential bull run for altcoins.