The price of Bitcoin (BTC) has continued to fluctuate between $50,000 and $70,000 since February this year. When will there be a key breakthrough? Several cryptocurrency traders have provided bullish signals observed from popular trading indicators.
Key intersections of the Ichimoku balance chart
Analyzing the Ichimoku cloud on Bitcoin’s daily timeframe, trader Titan of Crypto flagged a key bullish crossover that would set the stage for a rally. He wrote on the social platform:
“BTC just closed a candle above Tenkan (red line below) and is now targeting a recovery on Kijun (blue line below).”
Source: Titan of Crypto
Titan of Crypto is referring to the classic TK cross, which is a signal on the Ichimoku chart, that is, the cross between the conversion line (Tenkan-sen) and the baseline (Kijun-sen), which traders usually regard as A signal of an imminent upside breakout. Unfortunately, Bitcoin closed below the conversion line on Sunday, and it remains to be seen whether it breaks out again in the coming days. Bitcoin was trading at $58,600 at press time,
Titan of Crypto also mentioned a bullish crossover on the Moving Average Convergence Divergence indicator (MACD), which measures the interaction between two moving averages to determine buy and sell points. Another trader, Alan Tardigrade, believes that this indicator shows that "there is a very high chance that $BTC is about to rebound again."
Bitcoin’s “parabolic” phase is still underway
Prominent trader and analyst Rekt Capital continues to reiterate that $60,600 is currently the ideal level that bulls need to reach on a weekly close. If this is done, Bitcoin price will return to the "reaccumulation range" it left when it fell to six-month lows earlier in August. Rekt Capital added: “This will also mark the end of the downward bias discount period in which prices were below the reaccumulation zone (orange circle).”
Source: Rekt Cap ital
Another article from Rekt Capital uses past cycles as a guide, arguing that a more intense period of price increases may be coming:
“Bitcoin is about 125 days away from its halving. Bitcoin tends to break out around 160 days after the halving, entering the parabolic phase of the cycle. If history repeats itself, Bitcoin may only be a little over a month away from breaking out. That’s In late September.
Source: Rekt Capital
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