🅱️ (₿) Bitcoin's Daily & Weekly MACD, A Bears Nightmare!

١٩ يناير ٢٠٢٣

The MACD has a story to tell about bitcoin and where we are at in the current market cycle.

Let's dive in shall we?

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We start with the daily timeframe... The MACD hit bottom in May 2021, just a little after the time when the first 2021 ATH was hit... Here is the chart:

Ever since this May 2021 low we experience higher lows, even while bitcoin hit a new low in June 2022 and then again in November 2022, the MACD continued to move higher slowly by printing higher lows.

In early January, around the fourth, the MACD prints a bullish cross with the MACD line moving above the Signal line.

Days later the histogram turns green and the MACD enters the bullish zone and is now growing above this level.

The local downtrend has been broken.
The major counter-trendline is now the target of the current break on the MACD.

It looks good for additional growth in the coming weeks... Let's see what the weekly timeframe has to say for the coming months!

The weekly MACD hit its lowest point ever for BTCUSD mid-July 2022, here is the chart:

This is soon followed by a bullish cross, MACD line moving above the Signal line.

It broke the major downtrend and has been trending upwards strong since with a bullish/green histogram.

The MACD is still below zero but the bullish bias on this indicator is really strong based on the new low and the upward pressure.

The histogram turned green in early August and continues to build towards the bullish side.

The MACD on the daily and weekly timeframe for BTCUSD is sending out strong bullish signals.

Namaste.