Bitcoin 2020 Halving Hype Builds As MASSIVE BUY SIGNAL Flashes
Today in crypto are we about to see the big hype run coming up for the bitcoin having well a few huge buy signals say that we might just be in for some massively bullish price action for Bitcoin
and more and more the world over people are using Bitcoin as the life raft to escape the shackles of their failing fiat currencies the crypto aler so hope that's gonna happen pretty soon now with that out of the way let's dive in to the charts Bitcoin has had a nice little breakout from what was really a crazy weekend just super super tight sideways action and at the time of recording the breakout candle has not yet been confirmed but if it does confirm and it does hold above this breakout line that we can probably expect more bullish momentum coming into the market to form up as more traders enter the market on confirmation of that candle breaking out what I'm really looking for though is Bitcoin to just crush that 200-day moving average and if the price can now close above $8,000 which is where the 200-day moving average is currently chilling that's the purple line on the chart here by the way then that would be super super awesome but I would expect a lot of resistance at that level and possibly even a few failed tests of the eight thousand dollar line or the 200-day moving average but if the Bitcoin honey badger wakes up then all talk of resistance could be off of the table so keep that in mind now over on the weekly we have had week after week after week of grain candle closing which certainly has been looking very nice although this could actually be moving us towards a formation of an ascending wedge which as we know is a bearish chart pattern now that could trigger right around the $8,000 mark and bring a very big price correction and so keep aware of that however the weekly MACD is getting very close to hitting a bullish cross over so that's something to be excited about one more week of bullish momentum could actually push us up into that zone for that bullish crossover but as always this is not actually valid until that cross happens to must wait and see how that plays out next week however if it does happen then you can see that historically a bullish MACD cross on the weekly has had very good consequences for the of Bitcoin but in spite of all of this just really bullish looking market structurally see setting up the Bitcoin fear and greed annex is still showing that the market participants have not yet moved past the the shocks of March a lot of PTSD out there in the Bitcoin markets I think extreme fear is still the dominant market sentiment so really take everything right now with a bit of a grain of salt as the wider market structure globally is still dominated by certainty massive job losses massive bailouts and all that stuff you guys know the story we've been talking about this for weeks but there is one final indicator that I wanted to discuss with you that has just flashed a massive buy signal for Bitcoin the hash ribbons this indicator is showing that now is the time to buy Bitcoin now the indicator has been very reliable and tiding breakouts in the past in fact the last three times that the indicator flashed by Bitcoin surged by forty five percent two hundred and eighty percent and three thousand two hundred percent thus this buy signal should not be casually ignored we could be setting up for a very big Bitcoin rally here butone thing to keep in mind is that the last having the hash ribbons actually did flash a short but brutal capitulation signal just after the Bitcoin having as you can see in the chart here the price dropped by around 27% in the weeks following the halving so that happened before we got that buy signal that then led us from a price low of 480 dollars a Bitcoin just after the having to $20,000 18 months leader very fascinating stuff and the Bitcoin having it is getting closer and closer by the day and by the hour