Bitcoin due key MACD bull flag repeat as BTC price freezes at $29.3K


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Bitcoin (BTC) additional decreased volatility forward of the July 30 weekly shut as merchants eyed an thrilling long-term bull sign.

BTC/USD 1-hour chart. Supply: TradingView

BTC value makes weekend “slower than ever”

Information from Cointelegraph Markets Pro and TradingView adopted sideways BTC value motion over the weekend, with BTC/USD sticking in a tiny $150 vary.

Circumstances all through the week had remained calm, regardless of a slew of macroeconomic information occasions, main some to imagine {that a} breakdown would come next.

With hours till the weekly shut, nevertheless, there was nonetheless no signal of volatility returning.

“Worth motion has not been this compressed for the reason that very begin of 2023. The longer this goes on, the larger the transfer can be that follows it,” in style dealer Daan Crypto Trades argued in a part of the weekend’s commentary.

As Cointelegraph reported, Bitcoin’s Bollinger Bands at the moment echo conditions from the start of the year, simply earlier than BTC value went on to achieve 70% within the first quarter.

Analyzing actions amongst merchants on the Binance BTC/USD order e book, monitoring useful resource Materials Indicators famous that purchasing stress from whales was combining with growing resistance nearer to $30,000.

“Anticipating guard rails to remain up till we close to the Weekly and Month-to-month candle closes,” a part of accompanying feedback stated on July 29.

BTC/USD order e book information on Binance. Supply: Materials Indicators/Twitter

Bitcoin month-to-month MACD cross firmly on the radar

A extra thrilling matter got here within the type of a possible bullish cross on Bitcoin’s shifting common convergence/divergence (MACD) indicator.

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On month-to-month timeframes, numerous market observers famous, such a bull flag was inches from affirmation, and may historic patterns repeat, upside ought to end in future.

Buying and selling useful resource Stockmoney Lizards was additionally eager for the cross’s optimistic implications, however nonetheless acknowledged that its look “doesn’t suggest btc is already out of its summer time correction mode.”

An accompanying chart confirmed a previous month-to-month MACD cross from late 2015 heralding preparations for Bitcoin’s ascent to final cycle’s $20,000 all-time excessive two years later.

BTC/USD annotated chart with MACD. Supply: Stockmoney Lizards/Twitter

Whereas lower-timeframe MACD crosses might be false alarms, a weekly cross in August 2021 preempted the transfer to Bitcoin’s present all-time highs in November that 12 months.

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