Crypto traders are optimistic about the potential for Bitcoin to rise, and the parabolic upward phas
Since February this year, the price of Bitcoin (BTC) has been fluctuating between $50000 and $70000. When will there be a key breakthrough? Several cryptocurrency traders provided bullish signals observed from popular trading indicators.
The key intersection of a monocular equilibrium graph
Trader Titan of Crypto identified a key bullish crossover while analyzing the Ichimoku cloud of Bitcoin's daily chart, which will lay the foundation for a wave of Bitcoin's rise. He wrote on the social media platform:
BTC just collected a candle (K-stick) above Tenkan (red line in the picture below) and is now aiming at Kijun (blue line in the picture below) to recover
Titan of Crypto refers to a typical TK crossover, which is a signal on an equilibrium graph that crosses between a transition line (Tenkan sen) and a baseline (Kijun sen). Traders typically see it as a signal of an impending upward breakthrough. Unfortunately, Bitcoin's closing price on Sunday was below the conversion line, and it remains to be seen whether it will break through again in the coming days. The transaction price of Bitcoin before the deadline is $58600,
Titan of Crypto also mentioned the bullish crossover of the Smooth Similarities and Differences Moving Average (MACD) indicator, which measures the interaction between two moving averages to determine buying and selling points. Another trader, Alan Tardigrade, believes that the indicator shows a very high chance that $BTC is about to rebound again.
Bitcoin's' parabolic 'phase is still ongoing
Renowned trader and analyst Rekt Capital continues to reiterate that the price of $60600 is the ideal level that bulls need to achieve at the weekly closing. If this is achieved, the price of Bitcoin will return to the're accumulation range 'it left when it fell to a six-month low earlier in August. Rekt Capital added, "This will also mark the end of the downward bias discount period for prices below the re accumulation range (orange circle)
Another article by Rekt Capital uses past cycles as a guide, suggesting that a more intense period of price increases may be imminent:
Bitcoin is about 125 days away from halving. Bitcoin often breaks through around 160 days after halving and enters the parabolic phase of the cycle. If history repeats itself, Bitcoin may only have a little over a month left before breaking through. That would be in late September
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