Honestly this one is a very speculative post rather than one with full conviction of where are we actually heading this time with the BTC price action.
Today we are looking at the MACD crossing over the signal line on the daily timeframe.
On long term bull trends this events tends to signal that the chances of resuming the shorter timeframes bull momentum has increased.
If we look at the mini bear market we had from May 2021 we can see that we about took three months to achieve that and on each month there was one MACD bullish signal on the daily (see chart below).
The last of the three events was in July and it actually confirmed accurately the reversal.
We are now seeing the same sequence of 3 signals in the chart and a potential breakout is a ticking bomb.
It can still be another fake out, yes, always! But the weekly price close should provide extra conviction to investors if it’s a positive one too.
I’m tagging this post as LONG although it totally depends on the weekly close. If things go well it should provide us with some extra bullish price action for the upcoming days. Notice I’m not saying anything even close to “full recovery”. But we need to take a good step before we can run.
If the weekly close shows any weakness then we could be heading below the levels of the past week to possibly retest the lower 30K. Another significant factor to monitor closely is the NASDAQ opening price next week.
I also wanted to mention another unrelated signal that seems to be providing extra bullishness which is the ascending multi-month parallel channel that we can see in the chart. This channel has been proving both strong levels of support in resistance for more than a year.
Particularly the last bounce with the lower support made many investors turn bullish enough to start speculating that 33K could have been the actual bottom.
Today we are looking at the MACD crossing over the signal line on the daily timeframe.
On long term bull trends this events tends to signal that the chances of resuming the shorter timeframes bull momentum has increased.
If we look at the mini bear market we had from May 2021 we can see that we about took three months to achieve that and on each month there was one MACD bullish signal on the daily (see chart below).
The last of the three events was in July and it actually confirmed accurately the reversal.
We are now seeing the same sequence of 3 signals in the chart and a potential breakout is a ticking bomb.
It can still be another fake out, yes, always! But the weekly price close should provide extra conviction to investors if it’s a positive one too.
I’m tagging this post as LONG although it totally depends on the weekly close. If things go well it should provide us with some extra bullish price action for the upcoming days. Notice I’m not saying anything even close to “full recovery”. But we need to take a good step before we can run.
If the weekly close shows any weakness then we could be heading below the levels of the past week to possibly retest the lower 30K. Another significant factor to monitor closely is the NASDAQ opening price next week.
I also wanted to mention another unrelated signal that seems to be providing extra bullishness which is the ascending multi-month parallel channel that we can see in the chart. This channel has been proving both strong levels of support in resistance for more than a year.
Particularly the last bounce with the lower support made many investors turn bullish enough to start speculating that 33K could have been the actual bottom.
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