Bitcoin (BTC) Daily MACD Nearly Positive After 82 Days
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BTC has been soaring afterward Jan 24 and made its fourth breakout attempt from a downward resistance line on Feb 4. The price is likely to ultimately break out above this resistance.
Bitcoin has been plunging underneath a sliding resistance line afterward spreading to an all-time strong on Nov 10. The line has rejected the price four times (red icons), most recently on Feb 4. However, afterward resistances get weaker each time they are touched, an eventual breakout from this line would be inclined.
The closest horizontal resistance field is at $40,800. Granted that Bitcoin (BTC) is successful in moving above it, there would be resistance at $46,800 and $51,000. These are the 0.382 and 0.5 Fib retracement resistance levels, respectively.
An critical bullish signal could promptly transpire in the MACD, which is an indicator created by short and lengthy-term moving averages (MA). After being negative for 82 days, the MACD is very close to moving in positive territory. This would mean which the interim MA is faster than the protracted-term average, and is a staple of bullish trends.
Historical aboveview
A look at the previous history shows that although the MACD moves into positive territory, decisive skyward evolutionments constantly follow (green icons). This has occurred four times afterward December 2020.
In June 2021, the signal originally led to a momentary drop, however, BTC accelerated considerably instantly after.
A look at the two-hour chart shows that BTC has already broken out from a limited weakening resistance line. In addition to this, the MACD has nearly crossed into positive territory.
The closest resistance is at $38,650. A breakout over this level would further cause a breakout over the aforementioned lengthy-term lowering resistance line and likely cause the increase to acceleprice.
BTC wave count analysis
There are two main possibilities for the interim count, both of that indicate which a considerable skyward changement is inclined in the short term.
The first is which BTC is in the Y wave of a W-X-Y corrective structure. The first potential target for the top of this evolutionment would be at $40,000, giving waves W and Y a 1:0.618 ratio. The next target atop which one would be found at $42,300, giving said waves a 1:1 ratio.
The most possible protracted-term count suggests which BTC has bottomed. This would mean which the ongoing ascending progressment is part of a bullish impulse instead of being a corrective phase.
The closer BTC gets to the 1.61 level at $46,000, the more reasonable this count becomes.
For CryptCraze’s previous Bitcoin (BTC) analysis, click here
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