Bitcoin’s 2 Biggest Indicators Hint: The Next Rise Is Coming?
Bitcoin is still trading near its 200-day moving average ($59,420) recently after bouncing off the $49,000 trough. Over the weekend, Bitcoin broke through the $60,000 mark and showed a slow upward trend. But as of this morning (19th), it fell to around $58,500, with an intraday drop of 1.87%.
Even so, some analysts see the possibility of Bitcoin’s next leg up after looking at two technical indicators.
Indicator 1: ichimoku (Ichimoku Balanced Table)
According to "Cointelegraph", well-known trader and analyst Titan of Crypto pointed out that a key bullish signal appeared on the ichimoku chart on Bitcoin's daily trend:
“Bitcoin just closed a candlestick above the Tenkan line and is now targeting the Kijun target for a retracement.”
Titan of Crypto refers to the classic TK cross in the Ichimoku Balance Sheet, which is an important signal that traders often pay attention to and usually indicates an impending upward breakout trend. When the fast line (conversion line) crosses the slow line (base line) from bottom to top, a TK crossover is formed, which is usually a strong bullish signal.
Image source: X/Titan of Crypto
Bitcoin daily trend: ichimoku analysis
Indicator 2: MACD Bullish Cross
In addition to Ichimoku, another important technical indicator, MACD (Moving Average Convergence Divergence), has also seen a bullish crossover, noted trader and analyst Alan Tardigrade.
MACD is an indicator that determines buying and selling points by measuring the interaction between two moving averages. When the MACD line crosses the signal line from below it will form a bullish crossover and is usually interpreted as a buy signal.
When the two bullish indicators appear at the same time, it further strengthens expectations that Bitcoin may rise in the short term.
Image source: X/Alan Tardigrade
Bitcoin Daily Trend: Bullish Crossover on MACD Indicator
Analyst: The probability of Bitcoin skyrocketing is very high
In the face of bullish indicators, Alan Tardigrade expressed an optimistic view: "The probability of another sharp rise in Bitcoin is very high."
Another prominent trader and analyst, Rekt Capital, noted that $60,600 is the ideal level that bulls need to reach on a weekly close. If this goal is achieved, the Bitcoin price will return to the "re-accumulation range" after the halving.
The range briefly fell below in early August, and Bitcoin prices fell to a six-month low.
Based on past halving cycle patterns, Rekt Capital also predicts:
"Bitcoin is currently at a position of approximately 125 days after halving. Based on historical trends, Bitcoin usually breaks through approximately 160 days after halving and enters a parabolic growth phase."
That said, if history repeats itself, Bitcoin could break out in just over a month, around the end of September.
Source: X/Rekt Capital
Bitcoin Weekly Trend: A new halving bull cycle
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
