Bitcoin’s price action over the past few weeks has been considered “boring” by most traders. Bitcoin has barely deviated from $ 8,000-10,000 since early May. The cryptocurrency only moved out of this range twice – although these movements were quickly rejected when there was decisive resistance.
Crucial Bitcoin signal shortly before it appears
As crypto trader Joe McCann notes, a crucial Bitcoin signal is about to appear. The AI / cloud specialist at Microsoft writes that Moving Average Convergence Divergence (MACD) is about to experience a bullish crossover. The MACD “is designed to show changes in the strength, direction, momentum and duration of a trend in the price of a stock,” said Wikipedia. The MACD is important because it has predicted Bitcoin’s medium-term trends in the past. Three days after BTC hit $ 10,500 in February this year, the MACD saw a bearish crossover. What followed was the correction to $ 3,700. And shortly after Bitcoin started its recovery after the March crash, the indicator issued a bullish crossover. What followed was a more than 50% recovery from the $ 5,000 to the $ 9,000.