Bitcoin’s weekly MACD breaks the bullish line for the first time in 11 months


Bitcoin (Bitcoin) Let traders speculate later on August 18, as there are predictions that a drop of $40,000 will be the “most obvious” next move.

BTC/USD 1-hour candlestick chart. Source: TradingView.com

37,000 USD is the last chance for BTC

Data from Cointelegraph Markets Pro and Transaction view Follow BTC/USD as it hovered around 45,000 USD on Wednesday, with no clear direction in the lower time frame.

Fell to $44,200 Earlier in the day, it reversed upward, but the pattern of the currency pair is still a lower high cycle on the hourly chart.

Therefore, Cointelegraph contributor Michaël van de Poppe concluded that the higher low structure that marks the correction phase may emerge “soon”.

“The most obvious situation in the current market is that we will make corrections in a certain area of ​​39,000 to 42,000 US dollars,” he said in the latest report. YouTube updates.

Van de Poppe added that the bottom line for the bulls is about $37,000, which is the last higher low to support Bitcoin’s current trading zone.

He then stated that the “key breakthrough” to the upside is the $45,600 area, which at the time of writing is only a few hundred dollars away.

MACD returns for the first time since Bitcoin hit an all-time high

As a key indicator flashes “buy”, the narrowing of the range and background provides some much-needed breathing opportunities for the bulls.

related: Bitcoin bull market is different from 3 ways at the end of 2020

This is in the form of a weekly moving average convergence/divergence (MACD) tool, which flashed green for the first time as of August 8 since Bitcoin reached an all-time high of $64,500 in April.

MACD is a classic interpretation method for drawing the overall trajectory of assets. The last time such a green phase started was at the beginning of the fourth quarter of 2020, which corresponds to the springboard for the start of the recent bull market.

BTC/USD 1-week candlestick chart (Bitstamp) and MACD. Source: TradingView

As a popular Twitter commentator BTC Archive famous Last week, similar green events in 2019 caused a sharp increase in prices.