The post Bitcoin Price Reversal Confirmed? This 100% Accurate Indicator Says Yes appeared first on Coinpedia Fintech News

After experiencing a significant price decline of 10% in the past two days, Bitcoin (BTC) is now poised for a price reversal, as shared by a crypto expert. On September 7, 2024, a crypto expert and a trader made a post on X (previously Twitter) that the technical indicator named Chande Momentum Oscillator (CMO) is signaling a potential price reversal for Bitcoin.

Expert Hints Price Reversal for Bitcoin

After hitting an all-time high of $73,777 in March 2024, BTC has been moving in a descending channel pattern since then. The trader noted that whenever BTC reaches the lower level of the channel pattern, the technical indicator CMA touches its rebound triggering zone and BTC’s price starts to recover and rally significantly. 

#Bitcoin Chande Momentum Oscillator (ChandeMO) is signaling a possible rebound on the Descending Support pic.twitter.com/tuBaF3I39J

— Trader Tardigrade (@TATrader_Alan) September 7, 2024

Since March 2024, BTC has revisited the lower level of the channel three times, and each time it has experienced a massive upside rally. However, during the recent price drop, BTC’s price once again revisited the lower level of the channel pattern, and the technical indicator also touched its rebound triggering zone, indicating a potentially significant upside rally or price reversal in the coming days.

This post on X is gaining significant attention from traders and investors in the crypto community due to its 100% success rate.

Bitcoin Technical Analysis and Key Levels

According to expert technical analysis, despite trading below the 200 Exponential Moving Average (EMA), Bitcoin currently looks bullish and poised for an upside momentum. BTC’s Relative Strength Index (RSI) has formed a bullish divergence on a daily timeframe, indicating a potential price reversal. However, traders and investors often see this as a buy signal.

Source: Trading View

Based on the historical price momentum, there is a high chance that BTC could soar to $57,500 and $65,000 in the coming days.

Current Price Momentum

At press time, BTC is trading near the $54,480 level and has experienced a modest 0.8% price surge in the last 24 hours. Meanwhile, its trading volume has dropped by 25% during the same period, indicating lower participation from traders due to the recent market sell-off.

Whereas, BTC’s open interest has remained stable for the last 24 hours. However, it has been steadily declining since September 3, 2024, indicating a decrease in traders interest.

Gmgmgmgm Square Fam!

Welcome to the 55th episode of The #ICP Pulse Season 2, your daily dose of all things on $ICP
Let's get into today's episode🚀

1️⃣$ICP Price action

Well, well!
As we discussed yesterday, we have reached the low at 6.98 USD, which I believe should take out some stop losses from the jeets out there.
Now, look into this chart from Coinglass.

As the green line moves away from the yellow one, that indicates over leverage.
Now, it seems like we have reached to the point where deleveraging is happening, so what this essentially means is a god candle to the upside is underway.

As always NFA, so DYOR :)

Now we head to,

2️⃣Onchain Stats

🟪Internet Identities Stats

Today, over 220 onboarded the truly, decentralized computation network that has ever existed in the globe.

🟪Neurons Stats

Today, over 217 neurons were fueled up by ICPeople across the globe.
LFG💪

🟪NFT Stats
Source: Toniq
1️⃣Motoko Ghosts --> 🔺30 ICP
2️⃣BTC Flower --> 47.55 ICP
3️⃣ETH Flower --> 12.9 ICP
4️⃣Pythagoras by icircle_nft--> 1.2 ICP
5️⃣Poked Bots by pokedstudiouk --> 13.68 ICP
6️⃣DCity--> 10 ICP
7️⃣Motoko Mechs--> 14 ICP
8️⃣Cubetopia Islands --> 9 ICP
9️⃣Moonwalkers by PlethoraGame --> 1.89 ICP
🔟ICP flower --> 11 ICP

4️⃣Gainers and Losers
Source: ICPCoins
🟣Losers
➡️Taggr--> 2.3484 USD @ 700K USD Marketcap (🔻23.4%)
➡️Windoge98--> 0.8370 USD @ 8.2M USD Marketcap (🔻20.7%)
➡️ICPSwap--> 0.0171 USD @ 9.1M USD Marketcap (🔻18.1%)

5️⃣Inside the ICVerse🧑‍🚀
🟪 1 Voting Proposal in the ICLightHouse SNS.
🟪TVL on NNS: 1.679 Billion USD [🔻9.8%]

🟪Cycles-Transfer-Station SNS has raised over 14K ICP [Ends in 8 days & 23 Hours]

🟪DFINITY announced,
➡️The Next ICP Global Townhall will be held on the 25th and 26th of July, exclusively on X.
➡️A Video where Aaron Walsh from immersive education discusses why they are BUIDLing on the IC

So, Here I wrap up for the day😇
Hats off for staying this far🫡
Now, before we wind up, feel free to share this with everyone who might lack some $ICP Alpha, especially the #SOFR_Spike Fam :)

I'll see ya tomorrow with your daily dose on ICP🫡

Take care!