Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
Members of the crypto community, analysts, investors, and traders alike are all consumed with analyzing charts, both current and historic, hoping to find early signals that the bottom of Bitcoin’s now longest ever bear market is in.
One particular prominent chartist and trader, believes that Bitcoin is due for a powerful bounce soon, and further suggest that the monthly MACD has started to signal that the bottom of the 2018-2019 bear market may be in, if patterns witnessed in previous bull-bear cycles are repeated.
Bitcoin Ready to Bounce? Traders Watch the 200-Week Moving Average
Bitcoin has been stuck in a phase of stability typically not seen in the extremely volatile asset. Tightening trading ranges and dwindling volume often suggest that price consolidation is occurring, and traders are sitting by the wayside in anticipation of the next major move.
The last time Bitcoin experienced this stable of a trading range and price consolidation, price eventually fell through important and repeatedly tested support at $6K, and declined nearly another 50% toward a low of roughly $3,150. At the low, Bitcoin bounced off the 200-week moving average (200MA), but general weakness by bulls have caused the price of the number 1 crypto by market cap to drift back toward the critical support indicator. ..Read More..