[newsflash] Bitcoin (BTC) Price Shows Strength Pulling Rest of Crypto Market Up into the Green
The latest installment from the BitcoinBravado group's market analysis shows that BTC is on the rise again to retake the 50DMA. Here's a look at their analysis.
Bitcoin is now trading at $3825 (Bitmex). Its volume for the day is healthy, leveling at 9.6 billion USD. The market is in an interesting state, providing little technical clarity as to which direction it is headed. However, we are observing key technicals that suggest bulls are at work.
First and foremost, volume has flooded back into the crypto markets. Outside of a 2-week stretch occurring in April and May of last year, volume is experiencing yearly highs 📈.
The price during the aforementioned stretch occurred when $BTC ran from $6k-9k. We are seeing this heightened level of volume while price is still resting near bear market lows. In our opinion, this shows a shift from distribution to accumulation, as buyers have ultimately stepped in to begin increasing their exposure to crypto.
As we have pointed out, we believe it is important for $BTC to maintain the 50DMA as resistance turned to support (see chart below👇). While Bitcoin briefly lost this level yesterday, buyers have stepped in with significant volume to retake the 50DMA 🏦.
A daily close above $3750 would indicate re-established support at that level.
The BitcoinBravado team has also noticed great follow through on the weekly MACD. We originally pointed out, to all of you, that we were beginning to notice a bullish crossover on the weekly-MACD in early February. So far, the continuation has been beautiful (see image below 👇). This, along with the histogram reaching highs that haven’t been achieved since January 2018, shows us strong confluence that a shift in market structure could be happening. You can see their full analysis on Telegram.
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