BTC Update

in #cryptocurrency2 years ago

Bitcoin is now trading at $3885 . BTC volume for the day is at a healthy 10.1 billion USD. The market is entering an interesting phase, providing little technical clarity as to which direction it is headed. However, there are key technicals seen that suggest bulls are at work.

  1. Volume has flooded back into the crypto markets. If you ignore a 2-week stretch occurring in April and May of last year, volume is experiencing yearly highs.
    The price during this 2 week stretch occurred when $BTC ran from $6k-9k. We are seeing this increased level of volume while price is still resting near bear market lows. This does look like a shift from distribution to accumulation, as buyers have ultimately stepped in to begin increasing their exposure to crypto.

However, the belief remains that $BTC is trying 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 :bank:.

A daily close above $3750 would indicate re-established support at that level.

  1. We have noticed great follow through on the weekly MACD. It has been pointed out in previous posts 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.

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