BTC - Price Analysis (weekly tf)
On 6/29 tweezer bottoms began forming on the weekly charts of BTC. There was also a strong buy signal on the stochastic at that time.
Since then, MACD has exhibited a bull cross. The first one since December.
Why is this important?
Because that MACD is a lagging indicator. It's does not pick up quick market movements very well. Therefore, it is much more indicative of a trend reversal than the prior two upward movements we've had this year.
Furthermore, the ADX is close to signalling a trend reversal as well. If the DIs continue to move in a bullish fashion a crossover would help confirm a reversal.
Lastly, we also have the Kijun working as support currently sitting at the 7.8k price point. This is another difference in support than what we've had. Although, Kijun has begun moving sideways and it could also mean some sideways market movement for a week or two.
Since then, MACD has exhibited a bull cross. The first one since December.
Why is this important?
Because that MACD is a lagging indicator. It's does not pick up quick market movements very well. Therefore, it is much more indicative of a trend reversal than the prior two upward movements we've had this year.
Furthermore, the ADX is close to signalling a trend reversal as well. If the DIs continue to move in a bullish fashion a crossover would help confirm a reversal.
Lastly, we also have the Kijun working as support currently sitting at the 7.8k price point. This is another difference in support than what we've had. Although, Kijun has begun moving sideways and it could also mean some sideways market movement for a week or two.
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