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Friday, September 3, 2021

These 5 Important Bitcoin Charts Tell What's Happening!

 

These 5 Important Bitcoin

Bitcoin price has crossed the $50,000 resistance again and the direction will not be clear until two conditions are met, according to analyst “Tony Spilotro”. Until the $30,000 support is broken to the downside or the ATH level is reached again, we will be trading in an uncertain market. Stating that there is mainly increased sensitivity to cryptocurrencies and Blockchain technology alongside technical analysis, the analyst interprets five extremely bullish charts filled with signals that the bulls have little fear for the coming months.




Here are 5 Bitcoin price charts that support new ATHs:

We take a look at the weekly RSI to start with the easiest to understand chart. The largest cryptocurrency by market cap has retraced the de facto line on the floor between the bull phase and the bear phase. For those looking for evidence of a bear market, there is no such indication in the table below. After Bitcoin (BTC) peaked in December 2017, its price dropped just below the line to kick off the latest bear market. The weekly RSI continues to hold above this line, which was lost after the December 2013 peak and started a bear market.


Logarithmic MACD bullish on Bitcoin (BTC)

The weekly LMACD has also been bullish recently, but comparisons to previous bull markets are not yet evident. If there is any conclusion to be drawn, there are more similarities with the 2017 cycle, where the indicator never drops below the zero line after rising above the 2013 cycle, according to the analyst's findings. On the other hand, the fact that Bitcoin price is currently pushing the momentum above the zero line triggers an uptrend. The parabolic curves below support price action on all the charts we shared. Also in the chart directly below, Ichimoku (a trend direction indicator) shows that Bitcoin price action in past bearish phases has cut through a steep and thin Ichimoku cloud, while today the price action is well above the cloud on weekly timeframes.


Another bullish impulse is causing another steep rise in the Ichimoku cloud, which the cryptocurrency may cut off later to begin the next bearish cycle. However, according to the indicator, this is probably still a few weeks away and will not be easily reached. Now, Bitcoin (BTC), which is above the baseline (Kijun-Sen) and the conversion line (Tenken-Sen), is still bearish within the two lines. It could make a bull trap driven by another impulse.




Bitcoin Bollinger Bands Analysis

The Bollinger Bands on the weekly timeframes also hint that another bullish impulse may be coming soon. Prior to past blows, lower bands curved upwards, driving the upper band to local highs before price action crossed the mid-SMA and expanded in either direction. Another rise in groups after a third major bullish rally could be the final trip to the last bull market peak.




Elliott Wave Theory

Elliott Wave International recently shared a video discussing Bitcoin and a potential fifth wave formation. Along with the video was a detailed description of the study comparing Elliott Wave Theory to a "roadmap" that could potentially be followed. According to the analysis, if the Bitcoin price is indeed ending a fourth wave of correction and is about to enter the fifth wave, this will be the grand finale for the cycle. As an added measure, the Parabolic SAR pops up, highlighted in green to indicate that a new uptrend may be in its early stages.


On the other hand, there is a potential target of where the fifth wave might end, from where Bitcoin has since bottomed out to carry market lows to both major local tops. According to Elliott Wave Theory, the second and fourth waves vary in length and intensity, and the third wave is usually the longest, strongest, and easiest to recognize.


If the fifth wave comes, what levels can BTC reach?

The fifth wave is generally the same length as the first wave in strength and duration and also aligns with previous mid-cycle retracements. If true, BTC price could run around 325% or higher around $30,000, bringing the high of this cycle around $125,000 to $150,000 per BTC.

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