We analyzed the Coinbase Premium Index on a 1-hour time frame to evaluate short-term momentum, focusing on the daily (24-hour) and weekly (168-hour) moving averages. The analysis revealed that significant price movements often occur when the daily moving average strongly breaks above the weekly moving average. Notably, when the slope of the weekly moving average was positive (+), the price increase following a golden cross was more pronounced.
At present, the slope of the weekly moving average has shifted from negative (-) to positive (+), and the daily moving average is approaching a golden cross with the weekly moving average. Additionally, Bitcoin gradually forms higher lows while shaping a converging triangle pattern. If sufficient demand materializes, we could see Bitcoin resume its upward trend.
Written by Yonsei_dent
