A popular Cryptocurrency analyst said that Bitcoin (BTC)A key indicator shows that top-level crypto assets calculated by market value have officially embarked on the path of recovery.Expert description!Analysts sayThe monthly moving average convergence divergence (MACD) indicator of Bitcoin now shows a long-term bullish trend
A popular Cryptocurrency analyst said that Bitcoin (BTC)A key indicator shows that top-level crypto assets calculated by market value have officially embarked on the path of recovery.
Expert description!
Analysts sayThe monthly moving average convergence divergence (MACD) indicator of Bitcoin now shows a long-term bullish trend.The expert stated in his speech:
If the monthly MACD indicator shows the market peaking at the end of 2021, and subsequent price trends confirm this, while many people are still in extreme bullish pain, wouldn't this add some additional value? Does the weight or accuracy of this indicator indicate (if not confirmed) that the current price is rebounding towards a higher price?
MACD is a momentum indicator that traders use to monitor potential trend reversals. Dave the Wave stated that the MACD indicator has always been an accurate BTC indicator in the past.
To predictDave the Wave, known for the sharp drop in Bitcoin prices in May 2021, also pointed out that "the BTC weekly MACD experienced a brief breakthrough after a significant increase".As of the time of writing, the transaction price of Bitcoin is $31017. Top encryption assets have risen by 1.3% in the past 24 hours, by around 0.7% last week, by around 14% last month, and by about 87% since the beginning of 2023.
BTC Price Forecast!
Bitcoin broke through and closed above $31000 on July 3rd, but bulls failed to increase their efforts. This indicates that bears have not yet given up. The 20 day moving average (EMA) of $29673 is an important level worth noting in the downward direction. If the price rebounds from this level, it indicates that bulls are buying at a low point.
This will increase the likelihood of breaking through the areas above $31000 and $31432. The BTC/USDT currency pair may rebound to $32400 later, and short positions may once again pose a strong challenge. If prices fall and fall below the 20-day moving average, this positive view will be rejected in the short term. This may cause the currency pair to fall to the 50 day Simple Moving Average (SMA) of $27849.
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