The price action of Bitcoin (BTC) since late April contradicts the bearish MACD signal, suggesting the potential for a sudden bull revival. Despite bearish factors such as economic slowdown, yen strength, political uncertainty, and dwindling blockchain activity in the crypto market, BTC's technical analysis offers hope. The weekly MACD histogram has been negative since April, but BTC's price has been locked in a slightly downward sloping channel, forming a bull flag-like pattern. This combination of a bearish MACD and a flag-like price pattern indicates bullish vibes beneath the surface, with sellers unable to establish a strong downtrend. The prolonged seller exhaustion suggests the potential for a sudden bull revival, supported by upward trending moving averages and a green Ichimoku cloud, indicating bullish momentum and bias. However, traders should monitor incoming macroeconomic data and trends in traditional markets.
- Content Editor ( coindesk.com )
- 2024-09-11
A Bitcoin Chart That Offers Hope to Battered Crypto Bulls