Short

#BTC MACD CROSSOVER IN WEEKLY TIME FRAME!😱

Updated

#BTC WEEKLY UPADTE

In the weekly time frame, BTC is having the support of this 200MA but MACD crossover and sowing a bearish move.

As we can see in the chart in the last 3 times when MACD did a bearish crossover then BTC drops hardly so this time too we may see some fall in the price.

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Note

On the daily period chart, #BTC is currently consolidating in a falling wedge.
A potential big move is coming, according to the contracting Bollinger Bands.
Since the middle of January 2023, the daily RSI has been moving below the Trendline Resistance.
To confirm a Wedae Breakout, Bitcoin Bulls Need to Hold the Critical Support at 26k and Break Through the Resistance at 28k.

Note

After successfully breaking out of the falling wedge, BTC continues to go upward. It has since broken out of structure and successfully broken out of the inverse head and shoulder.

It is currently holding above the MA 200 and has formed a descending triangle on the weekly TF. After the descending triangle's breakout, the market is anticipated to have a robust bullish rally. If the descending triangle collapses, the horizontal support will pump ferociously.

Note

Time to decide what to do with Bitcoin
The actual cost for the age group of 1-3 months is $27,200. This level could be seen of as short-term support for BTC. In the past, the price of Bitcoin has fallen sharply whenever it has gathered momentum below this indication.
The realised price of the 3-6 month age band, which is at $20,000, and $25,300 are the next supports if the price is unable to retake this level.

Note

#BTC UPDATE

BTC is making a strong bullish rise after moving in a falling wedge on the 1D TF. It was rebuffed by the resistance trendline and then started to gather momentum once more.

Keep an eye out for a strong breakout of the falling wedge to signal a bullish confirmation; otherwise, the falling wedge will bounce from its trendline support.

Note

Crypto Market – Currently transitioning into the Bull Market
Looking at the movement of Bitcoin leading the crypto market, it can be seen that it is transitioning to a bull market after escaping the bottom of the current bear market for the following reasons.

1. The Unrealized Loss reached the bottoming zone (green) and then escaped, and now we are in the transition zone towards the bull market. FYI, it is normal for the peaks of this model to decrease from cycle to cycle, as shown in the chart, as BTC's width of peaks and bottom narrow as the volume of the crypto market continues to grow.

2. Bitcoin fell below the Realized Price (yellow line), but it has clearly broken through the current price and is still in a stable range.

*Unrealized Loss: This is on-chain data that shows how many market participants are losing money at the current time. The closer the bottom is to a bear market, the higher the unrealized loss indicator.
*Realized Price: Indicates the average price at which market participants bought a coin.

Depending on how strong the recession is, the crypto market could experience a decline in the fourth quarter of 2023 or early 2024. However, it's very unlikely that BTC will make a new low and the recession induced drop will be rather the last chance right before the Strong Bull Zone(White Box).

Note

#BTC UPDATE

BTC is regaining strength in a collapsing wedge. The MA 100 and the Ichimoku cloud, which are functioning as resistance, caused it to be rejected from the resistance trendline.

It is currently testing the support trendline, and a strong bounce is anticipated from there. Further confirmation of the market's future direction would come from a strong breakthrough or collapse of the falling wedge.

Note

#BTC UPDATE

BTC is regaining strength in a collapsing wedge. The MA 100 and the Ichimoku cloud, which are functioning as resistance, caused it to be rejected from the resistance trendline.

It is currently testing the support trendline, and a strong bounce is anticipated from there. Further confirmation of the market's future direction would come from a strong breakthrough or collapse of the falling wedge.

Note

In the daily time frame, BTC is in a very critical situation. BTC broke the lower supports, but still, we have a chance that maybe BTC's daily candle can close above the support.

But if BTC's daily candle closes below that, then we can see a drop up to the 24k level.'

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