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The long term trend line has been touched on 5 separate occasions including the 2014 bear market bottom and Black Thursday in March 2020. Losing this trend line could be disastrous for the cryptocurrency market.
Although a bullish crossover could confirm the bottom, the MACD gets a reputation for being a lagging indicator and therefore the bottom could be in long before the bull crossover confirms
However, if bulls can complete the bull cross, in previous cycles the change in momentum was enough to kickstart a bullish impulse. The MACD is currently one of the most important indicators to watch on weekly timeframes..
Although the MACD had opened green the week prior, the late-week selloff uncrossed the bullish crossover and has forced momentum sideways. The weekly MACD is at historical bear market readings. Diverging down further would be unprecedented and likely take Bitcoin down below $17K.
Yesterday gave us a fresh weekly close in BTCUSD. In particular, we will be using the Logarithmic MACD in our analysis. The log version of the MACD provides better comparative analysis across past cycles.
With the hash ribbons buy signal on the daily, weekly timeframes become more interesting in anticipation of a possible bottom. Although a bottom could be in already, the market has historically continued to draw down even after the hash ribbons buy signal.
When this phase ends, a buy signal is issued. In fact, its buy signal has been called Bitcoin’s most profitable buy signal, producing several thousand percent ROI on average each time it triggers. The signal is even more profitable when it appears prior to a Bitcoin halving
Specifically, this episode looks at Bitcoin’s “most profitable buy signal” in its entire history: the hash ribbons. In addition, we analyze weekly momentum using the logarithmic MACD to try to understand if a bottom could be in. Take a look at the video below.
Welcome to the first episode of NewsBTC’s all-new daily technical analysis videos. In the first episode, we are looking at Bitcoin price action using the weekly BTCUSD price chart.
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Newly Discovered Mysterious Whale Holds 5.4T $SHIB Worth $136B, She Keeps On Adding Silently, And Not Selling Single Coin 🤑🚀
LIKE ❤️ ReTweet♻️
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$BONE 🦴 $LEASH 🦮
#ShibaArmy#SAFETREES@Trees_token#Shibaverse
https://t.co/f4FS88jmbM
🚨 #ShibainuCoin: Is $SHIB gearing up for another 100x rally soon 🤑
Smash the LIKE ❤️ ReTweet♻️ Secure your Future!⚡️
🚀 Grab some Low Cap Gem💎 $TREES 🌳
$BONE 🦴 $LEASH 🦮
#ShibaArmy#SAFETREES@Trees_token#Shibaverse
https://t.co/AfM1mVEy1X
Top Whale “Bombur” Buys Over 207 Billion $SHIB Without Selling, Now Owns 855B #ShibainuCoin 🤑
Smash the LIKE ❤️ ReTweet♻️ Secure your Future!⚡️
🚀 Grab some Low Cap Gem💎 $TREES 🌳
$BONE 🦴 $LEASH 🦮
#ShibaArmy#SAFETREES@Trees_token#Shibaverse https://t.co/D7pMFf4kgQ
#ShibainuCoin: Mapping out profitable entry points for $SHIB investors⚡️
Keeping an eye on the overall market is essential for a profitable move.🚀
🚀 Grab some Low Cap Gem💎 $TREES 🌳
$BONE 🦴 $LEASH 🦮
#ShibaArmy#SAFETREES@Trees_token#Shibaverse
https://t.co/LaK0F7jR5e
#ShibainuCoin Price Chart Hints at Incoming Move, Indicators Reveal This 🤑
Smash the LIKE ❤️ ReTweet♻️ Secure your Future!⚡️
🚀 Grab some Low Cap Gem💎 $TREES 🌳
$BONE 🦴 $LEASH 🦮
#ShibaArmy#SAFETREES@Trees_token#Shibaverse
https://t.co/P6YrVCnM5w
⚡️ Another Big Chunk of Over 138.89 Billion SHIB, Worth $3.21 Million Gobbled Up by the Mysterious Wallet 🤑🚀
Smash the LIKE ❤️ and ReTweet♻️
🚀 Grab some Low Cap Gem💎 $TREES 🌳
$BONE 🦴 $LEASH 🦮
#ShibaArmy#SAFETREES@Trees_token#Shibaverse
https://t.co/Wr9V4QY13M