bitcoin price During the month of May that had been halved, today it was left for the bulls to make a stand as the last day and to undo the worst monthly on record.
Even if the blood stain on the price chart is left forever, it does not mean that bulls still cannot bother and push prices higher. Here are five signs that the price of bitcoin has come down, or will soon.
Signals showing bitcoin bottom are close
Just as Feeling of extreme speed And as excitement around mid-April was the local top of the 2021 rally so far, the current level may also act as a downside that sentiment shifted to the polar opposite.
A hidden bull div has formed on daily support | Source: BTCUSD on TradingView.com
contrast investor And traders suggest fear or buying blood on the streets, but this is still not a reason to think that is down.
Related reading | Making a case that bitcoin is down
Rather, almost all point to a reversal in technical construction on the timeframe. Cryptocurrency is creating a rapid divergence (above) for the first time during daily support. Boom occurred once Relative Strength Index Hit oversold levels.
The logarithmic MACD shows momentum is turning upward | Source: BTCUSD on TradingView.com
Daily LMACD It is also turning upwards, indicating that the bulls are attempting to gain momentum on the daily deadline after a month of catastrophe.
Moving up to a higher timeframe, the bitcoin price has also bounced on the rising trend line of RSI support on the three-day chart (below).
Bitcoin bounced off a high timeframe RSI support trend line | Source: BTCUSD on TradingView.com
But wait, there are more reasons to be bullish on BTC
If it is not enough to believe that making is a short timeframe reversal, then there are still many more reasons for a higher timeframe.
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A rarely seen two-week timeframe indicates that bitcoin fell to mid-SMA Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it eventually resulted in an upward impulse.
The two-week middle-BB was retested only once during the last bull run | Source: BTCUSD on TradingView.com
Recent Push Down Also Caused Bitcoin Most profitable buying signal To indicate “capitulation” in BTC miners. The previous bull markets saw 8,000% and over 3,500% after the last buying signal appeared per cycle.
The most profitable buy signal in crypto is about to trigger | Source: BTCUSD on TradingView.com
Almost every time the signal appears, there is more upside on the way. So why would anything be different this time?
With so many signal stacks, the probability that cryptocurrency is near the bottom is more likely. Drawdown post buy signals are still common, however, the potential reward has historically always outpaced risk in terms of ROI versus loss.
Featured image from iStockPhoto, Charts from TradingView.com