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Weekly Bitcoin MACD bullish again for the first time in eleven months

Bitcoin (BTC) continued to stagnate on August 18. One forecast said a drop to $ 40,000 would be the next “obvious” step.

BTC / USD 1 hour candle chart. Source: TradingView

$ 37,000 lower limit for BTC

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair hovered around $ 45,000 on Wednesday and there is no clear direction to be seen on the shorter periods either.

A decline to $ 44,200 on Wednesday has reversed, but the hourly chart is more likely to be showing lower highs.

Cointelegraph employee Michaël van de Poppe believes that higher lows will come “fairly quickly”, which would indicate a phase of correction.

“It is expected that there will be a correction in the direction of somewhere between $ 39,000 and $ 42,000,” he said in a recent YouTube update.

Van de Poppe also said the minimum limit for the planks is around $ 87,000. This level was the last higher low that Bitcoin supports in its current trading zone.

An “important level” up is the area around 45,600 US dollars, from which Bitcoin was only a few hundred US dollars away at the time of going to press.

MACD back for the first time since Bitcoin all-time high

But one important indicator indicates a buying opportunity.

In this context: Why this Bitcoin bull run is different than the one in 2020

The MACD was green again on August 8 for the first time since Bitcoin hit its all-time high of $ 64,500 in April.

The MACD is a classic indicator of the overall development of an asset. The last time such a green phase began was at the beginning of the fourth quarter of 2020. That was also the time when the last bull run began.

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

Like popular Twitter commenter BTC Archive last week explained, a similar situation led to a significant price increase in 2019.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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