lima Bitcoin Price Charts That Suggest Bulls Have Little To Fear

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Kem, 2 Séptémber 2021 5:17

lima Bitcoin Price Charts That Suggest Bulls Have Little To Fear

Bitcoin price is back at $50,000 and until either support at $30,000 is broken to the downside or a new all-time high is set, the direction of the market won’t be as distinguishable.

Fundamentally, the network continues to grow, and sentiment remains high surrounding the cryptocurrency space. Better yet for bulls, here are five outrageously bullish charts filled with technical signals that suggest that bulls have very little fear about what could come in the months ahead.

To begin with the easiest chart to read, we’ll present the weekly Relative Strength Index. The current leading cryptocurrency by market cap just reclaimed the de-facto line in the sand between a bull phase and bear phase.

For those looking for evidence of a bear market, you won’t find it on the chart above. After the peak was put in December 2017, Bitcoin price immediately plummeted below the line to kickstart the most recent bear market. The weekly RSI is back holding above this line – which following the December 2013 peak was lost and a bear market began.

The weekly LMACD has also recently flipped bullish, but the comparisons to previous bull markets aren’t as immediate apparent. If anything, there are more similarities with the 2013 cycle versus 2017, where the indicator never fell below the zero line after moving above it. Bitcoin price action currently has pushed momentum back above the zero line and is currently crossed bullish.

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A parabolic curve supports the price action in all examples above and below. Also in the chart directly below, the Ichimoku shows that during past bearish phases, Bitcoin price action sliced through a steep and thin cloud, while price action today is well above the cloud on weekly timeframes.

Another bullish impulse would cause yet another steep rise in the cloud, which the cryptocurrency could later cut through to begin the next bearish cycle. But that is likely still plenty of weeks away according to the indicator. Not everything is rosy, however, according to the Ichimoku.

Bitcoin is currently above the baseline (Kijun-Sen) and conversion line (Tenken-Sen), but the two lines are still crossed bearish. A bull cross driven by another impulse could do the trick.

nu Bollinger Bands on timeframes mingguan ogé hint dorongan bullish sejen bisa geura-giru datang. Saacanna impulses kaliwat, pita handap curled ka luhur, saméméh ngembangna dina duanana arah kalawan aksi harga ngaliwatan tengah-SMA lajeng tunggang band luhur ka highs lokal. Numpak sejen naek band sanggeus dorongan bullish utama katilu bisa jadi lalampahan final ka puncak pasar bula final.

Elliott Wave International recently shared a video discussing Bitcoin and a potential fifth wave brewing. Packaged with the video was a detailed explanation of the study where Elliott Wave Theory was compared to a “roadmap” that could potentially be followed.

If Bitcoin price really is finishing up a corrective wave four and about to enter a wave five impulse, it would be the grand finale for this cycle.

For added measure, the Parabolic SAR is turned on, highlighted in green for the sake of showing a new uptrend could be in its early stages. But the real meat and potatoes of the chart are the waves and their structure.

Drawn from where Bitcoin broke down to bear market lows to across both major local highs since the bottom was put in, we have a potential target for where a wave five might end. According to Elliott Wave Theory,  wave two and four alternate in length and severity, and the third wave is typically the longest, strongest, and easiest to recognize.

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Gelombang lima biasana kira-kira panjangna sarua dina kakuatan sarta lilana salaku gelombang kahiji - sarta ogé ngan jadi kajadian baris nepi ka pullbacks pertengahan siklus saméméhna. Lamun akurat, cryptocurrency bisa ngajalankeun sabudeureun 325% atawa saluhureuna ti handap sabudeureun $30,000 sarta mawa luhur siklus ieu sabudeureun $125,000 ka $150,000 per BTC.

Fifth waves can extend, however, and match or even exceed the length of a wave three, so truly any outcome is possible with an asset with this much potential application.

Tuturkeun @TonySpilotroBTC dina Twitter atanapi via Telegram TonyTradesBTC. Eusi mangrupikeun pendidikan sareng henteu kedah dianggap naséhat investasi.

sumber aslina: NewsBTC