A trend reversal signal is showing on the Bitcoin (BTC) chart. Every time this happens, the price of this crypto explodes higher, according to Stockmoney Lizards. The last time such a signal occurred, bitcoin (BTC) saw a 1940% performance. A new bullrun may then begin for this cryptocurrency.
Double floating in Bitcoin (BTC)?
We can see a double bottom on the weekly chart of bitcoin (BTC). In fact, this crypto fell by 14% during the week of August 15th. And according to analysis of Lizards StockMoney, this decline is likely to form a double bottom. This is a chart pattern that shows the bitcoin (BTC) reversal trend. But before that, Bitcoin (BTC) may make a new low first.
If all the conditions are met, a bullish explosion is likely. But what conditions you say? Here they are:
- break out a support zone for several hundred days
- 50% drop after support break, followed by a reversal signal on the weekly MACD
- double bottom formation after the 50% decline.
- breakout of the resistance zone (which served as support)
- forming a new low
On a weekly chart, the first three conditions are met. There are only two cases left to confirm the reversal of this bearish trend on bitcoin (BTC).
Bitcoin (BTC): signal of trend reversal on the MACD?
The weekly MACD also shows a trend reversal signal. This is the cross between the moving averages 12 and 26. This sign is very relevant. In fact, four times in the history of bitcoin (BTC), they always preceded a major trend reversal. Incidentally, the last time such a situation happened, Bitcoin (BTC) had an explosive increase of 1940%.
Everything indicates that the same situation is repeated over and over again. This suggests that the next bullish step will take the crypto king towards $350,000. In any case, it will be necessary to closely monitor this reversal signal that is currently occurring on the weekly chart of bitcoin (BTC).
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