This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
Crypto Bears might want to see the recent Bitcoin (BTC) graphics patterns, which reflects those that preceded the Rally from the end of 2024 from $ 70,000 to $ 109,000.
The first pattern involves the histogram of divergence of the convergence of the mobile average of the weekly graphic (MACD), an indicator of time used to identify the changes and reversions of trends. Macd crosses above or below the zero line generally indicate bullish or bassist changes at the time.
However, merchants interpret these signals in context with the price action. A bassover crossover, for example, needs validation through weakening prices; Otherwise, it could indicate underlying force and a trap for bears. Currently, that seems to be the case in BTC.
The cryptocurrency initially fell after the MACD turned negative in mid -February, but quickly found support in the simple mobile (SMA) average (SMA) of 50 weeks in March and since then it has recovered above $ 90K. All the time, the MACD has remained below zero.
This pattern remembers last August and September, when prices had the support of the SMA in persistent bearish MACD signals. The indicator turned reach in mid -October, confirming the trend with a $ 70K demonstration at $ 100K in December.
The second pattern involves the 50 and 200 days SMA. About four weeks ago, these averages formed a bearish crossover, commonly known as La Cruz de la Muerte, signing a possible long -term bearish trend. However, this turned out to be a trap for bears, with Bitcoin finding support of around $ 75K and an investment course.
Recently, the 50 -day SMA has begun to increase again and soon could cross the 200 -day SMA, establishing a Alcista gold cross in the coming weeks.
This pattern closely reflects the trend of last year: the cross of death in August marked a background, quickly followed by a golden cross that caused a break above $ 70k and finally led to a rally above $ 109K to new maximums.
In other words, bullish volatility could be on the horizon, potentially with Bitcoin beyond the maximum of January of $ 109K.
Graphics patterns are commonly used to evaluate market strength and forecast future movements. However, it is important to remember that history is not always repeated, and macroeconomic factors can quickly change market addresses, which makes the graphic analysis infallible.
