3 Technical Indicators confirm strong BTC Bull Market coming.
Snapshot Thursday
Dear Subscribers,
Happy Snapshot Thursday!
First published in our Telegram Group, Swissblock’s Henrik Zeberg shares his weekly insights on crypto and macro price action. Make sure to join the channel for the most direct access to this resource:
According to Henrik's analysis, the alignment of the Relative Strength Index (RSI), the Moving Average Convergence Divergence (MACD), and the Relative Vigor Index (RVGI) has historically led to Bitcoin's potential price rallies. The price momentum is invigorating a bullish trend that could ignite a major run for Bitcoin in the coming months.
The price target? Let’s see Henrik’s perspective:
The weekly chart for Bitcoin clearly shows bullish momentum. When we dive deeper into key indicators like OBV, RSI, LMACD, MFI+, Stochastic RSI, and the Hash Ribbons, they all point toward the potential for a new high in the coming weeks or months. However, there’s a crucial caveat. On the monthly timeframe, these same indicators suggest the possibility of a "dead cat bounce," similar to late 2021 due to an decreasing momentum. This could lead to a double top formation, potentially pushing the ATH slightly higher into the $80k-$90k range.
That said, this presents a great opportunity, and we should seize it wisely. Solid analysis overall!