ChainCatcher reported that according to CoinDesk, on-chain data showed that Bitcoin's weekly MACD has been negative since April, but the price of Bitcoin has remained in a slightly downward sloping channel between US$50,000 and US$70,000, forming a "bull flag" pattern rather than a sharp downward trend, which contradicts the ongoing MACD signal.
Indicator data shows that the MACD has been bearish since the end of April, and the flag price pattern suggests that there is bullish sentiment beneath the surface price action. It shows that sellers have failed to form a strong downtrend, and even during the panic selling in early August, they only suppressed prices between $55,000 and $50,000. The long-term weakness of sellers means that the bull market may suddenly revive and usher in price increases.
