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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
bitcoin btc bull bottom
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Five Signs That The Bitcoin Bottom Is In

Tony "The Bull" by Tony "The Bull"
2 years ago
in BTC
Reading Time: 3 mins read

Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record.

Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon.

The Signals Showing The Bitcoin Bottom Is Near

Just as extreme bullish sentiment and exuberance around mid-April was the local top of the 2021 rally so far, the current level could also act as the bottom now that sentiment has shift to the polar opposite.

A hidden bull div has formed on daily support | Source: BTCUSD on TradingView.com

Contrarian investors and traders suggest buying the fear or blood in the streets, but that’s still not the reason to think the bottom is in.

Related Reading | Building The Case That The Bitcoin Bottom Is In

Rather, technicals on nearly all timeframes point to a reversal in the making. The first ever cryptocurrency is forming a bullish divergence (above) while at daily support. The bounce happened once the Relative Strength Index hit oversold levels.

The logarithmic MACD shows momentum is turning upward | Source: BTCUSD on TradingView.com

The daily LMACD is also turning upward, showing that bulls are attempting to regain momentum on daily timeframes after a month of mayhem.

Moving up to a higher timeframe, Bitcoin price has also bounced at a rising trendline 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’s More Reasons To Be Bullish On BTC

If that’s not enough to believe there’s a low-timeframe reversal in the making, on higher timeframes there’s still many more reasons to be bullish.

Related Reading | Don’t Have A Cow: Bart Simpson Is Back In Bitcoin

The rarely-looked-at two-week timeframe shows that Bitcoin fell to the middle-SMA on the Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it resulted in the finally impulse upward.

The two-week middle-BB was retested only once during the last bull run | Source: BTCUSD on TradingView.com

The recent push down also caused Bitcoin’s most profitable buy signal to indicate “capitulation” in BTC miners. Past bull markets saw more than 8,000% and 3,500% after the last buy signal appeared per cycle.

The most profitable buy signal in crypto is about to trigger | Source: BTCUSD on TradingView.com

Nearly every time the signal appears, more upside is on the way. So why would this time be any different?

With so many signals stacking up, chances that the cryptocurrency is near the bottom are becoming more likely. Drawdowns post buy signal are still common, however, the potential reward has historically always outweighed the risk in terms of ROI versus loss.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinBollinger bandsbtcbtcusdBTCUSDTcryptohash ribbonslamcdMACDRSIxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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