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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Bull Cross That Last Sent Prices Up 74% Appears Again

Yashu Gola
Yashu Gola
1 year ago
2 mins read
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

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A textbook bullish indicator whose last appearance in mid-February contributed to Bitcoin’s price rise to its record high has flashed again.

Dubbed as MACD Bull Cross, the signal develops when the output of the difference between an asset’s 26-period and 12-period exponential coverage surges above its 9-period exponential moving average known as a signal line. Traders interpret the crossover as a sign of the asset’s potential price rise.

Bitcoin confirmed the MACD Bull Cross on its one-day timeframe this Tuesday. Market analytics portal TradingShot highlighted the crossover’s ability to extend the cryptocurrency’s bullish bias, citing its last formation that led the BTC/USD exchange rate up by 74 percent. It added that the pair could surge to $65,000 should the fractal play out as intended.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin is eyeing an extended upside move towards $65,000, as per TradingShot. Source: BTCUSD on TradingView.com

The record-high target came after forming a confluence between the MACD Bull Cross and a Fibonacci Retracement graph. As shown in the chart above, the Fib retracement is formed from a swing high level to a swing low level, which creates a set of upside and downside targets alongside.

In February, the MACD Bull Cross formation followed up with a breakout move above the 0.5 Fibonacci retracement line. The upside move grew until it reached the 2.23 Fib line. BTC/USD pulled back after that, treating the 1 Fibonacci retracement line as its sessional bottom.

Entering March, Bitcoin had broken above the 0.5 Fib level and is now eyeing an extended upside run. With the Bull Cross support, TradingSpot expects the cryptocurrency to—at least—hit the 1.5 Fib line, which coincides with the $65,000-resistance level.

Meanwhile, the 2.23 Fib level this time sits above $70,000.

Bitcoin Trade Setup

The BTC/USD exchange rate is parallelly breaking out of its Bullish Flag pattern. The structure represents the recent decline in the pair’s bid, confirmed by a descending channel. Meanwhile, a breakout above the channel’s resistance prompts the price to rise by as much as the uptrend’s height formed before the Flag.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin expects to rise above $60,000 on Bullish Flag breakout. Source: BTCUSD on TradingView.com

That roughly puts BTC/USD en route to $70,000. Meanwhile, the levels represented by the Pitchfork pattern provided potential pullback and rebound levels as the price continues its uptrend. The next target is above the previous record high of $58,367.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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