Cryptos

Five Bitcoin price charts that show bulls have nothing to fear

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Bitcoin’s price is back at $ 50,000. Until the support at $ 300.000 is broken lower or a new all time high is established, market direction won’t be as clear.

The network continues to grow, and sentiment is high in the cryptocurrency space. The bulls are even better off with these five bullish charts, which contain technical signals that suggest that bulls have very little fear for the months ahead.

Five Bitcoin Price Charts Supporting the New ATHs

 Source :| Source: TradingView.com - BTCUSD

The Weekly Relative Strength Index is the easiest chart to understand. The current top cryptocurrency market cap has just reached the de facto line between a bullish phase or a bearish period.

The chart above doesn’t show any evidence of a bearish market. The Bitcoin price immediately fell below the line to revive a bear market that was created after the December 2017 peak. The weekly RSI is above this line, which was lost after December 2013’s peak. A bear market has begun.

BTCUSD_2021-09-02_09-43-39

 Source:| Source: TradingView.com - BTCUSD

The weekly LMACD turned bullish in recent weeks, but there are not many comparisons to past bull markets. There are more similarities to the 2013 cycle than to 2017, when the indicator never fell below its zero line after it had risen above it. The momentum has been pushed back above the zero line by Bitcoin price action and is currently being crossed higher.

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The parabolic curve supports price actions in all of these examples. The Ichimoku chart also shows that Bitcoin price action has been slowed down in past bearish periods. However, it is now much higher than before. Over weekly periods, the cloud has been above.

BTCUSD_2021-09-02_09-49-34

 Source :| Source: TradingView.com - BTCUSD

A bullish impulse could cause the cloud to rise sharply again, which could then be cut by the cryptocurrency to begin the next bearish cycle. But, that’s still likely to be weeks away, depending upon the indicator. Ichimoku says that things are not looking good.

Bitcoin is currently above the base (Kijun Sen), and the conversion line(Tenken Sen), however, the lines are still crossed on Bitcoin’s downside. The trick might be a bull’s crossing driven by another impulse.

BTCUSD_2021-09-02_09-48-14

The Bollinger Bands curl upwards while being above the middle-SMA | Source: TradingView.com - BTCUSD

A bullish impulse could be in the making, according to weekly calendars that have bollinger bands. The lower bands curve upward before the past pulses. Prices then moved up the upper band to local tops and passed the SMA average. A third major bullish impulse might have led to another rally in bands. This could be the last trip up to the top of the bullmarket.

Elliott Wave International Recently, we shared a clipWe will discuss Bitcoin and the possibility for a fifth wave. The video provided a detailed explanation of Elliott’s Wave Theory and a possible “road map” to be followed.

BTCUSD_2021-09-02_09-54-08

 Source:| Source: TradingView.com - BTCUSD

If Bitcoin’s price ends a correction wave four and enters a wave five pulse then that would be the end of this cycle.

Parabolic SAR, which is highlighted in green, can be used to measure the progress of a new uptrend. The waves and their structure are the real meat and potatoes in this graphic.

We have a target for where wave five might end. This is based on the point where Bitcoin crashed to support the market lows, and the two local highs since then. According to Elliott wave theoryWaves two and four alternate in lengths and gravity. The third wave is the longest, strongest and easiest to recognize.

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Wave Five has a similar duration and power duration to Wave One. It also syncs with previous mid-cycle setbacks. If accurate, the cryptocurrency could hover around 325 percent or more from the lows of $ 30,000 to bring the high of the cycle to $ 125,000-$ 150,000 per BTC.

However, the fifth wave could be extended to equal or exceed the length of a third wave. Therefore, any outcome with one trump is possible.

To follow Follow @TonySpilotroBTCOr via The TonyTradesBTC Telegram. This content is not intended to be used as investment advice.

Featured image taken from iStockPhoto. Charts from TradingView.com




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