๐ฅ Bitcoin MACD First Bullish Cross In 3 Years: Parabolic Move?
On the chart you can see the monthly chart of Bitcoin with the monthly MACD. In Bitcoin life we've seen 6 bullish crosses (blue over orange lines), with 3 of them being the start of a parabolic move, 2 being local tops and 1 (the current one) being unknown.
Where the current bullish cross differs from the prior ones is the fact that the cross happens below zero, indicating that there's potentially still a lot of upside for the MACD and therefore the price. Think about pushing a ball under water, the deeper you push it, the higher it will fly outside the water once released.
Bitcoin's MACD has been pushed very deep after a prolonged bear market. So, could this bullish MACD cross signal the start of a new parabolic move?
At this point, we can't be sure. On the other hand, falling inflation numbers, a very well performing stock market, Bitcoin ETF news etc are tailwinds for crypto and all-round bullish. On the other hand, there's still enough stress in the markets because of high interest rates and decreasing consumer spending.
Time will tell.
Are we going to fly? Is 31k the top? Please share your thoughts in the comments ๐
Where the current bullish cross differs from the prior ones is the fact that the cross happens below zero, indicating that there's potentially still a lot of upside for the MACD and therefore the price. Think about pushing a ball under water, the deeper you push it, the higher it will fly outside the water once released.
Bitcoin's MACD has been pushed very deep after a prolonged bear market. So, could this bullish MACD cross signal the start of a new parabolic move?
At this point, we can't be sure. On the other hand, falling inflation numbers, a very well performing stock market, Bitcoin ETF news etc are tailwinds for crypto and all-round bullish. On the other hand, there's still enough stress in the markets because of high interest rates and decreasing consumer spending.
Time will tell.
Are we going to fly? Is 31k the top? Please share your thoughts in the comments ๐
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