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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Weekly MACD Histogram Most Bullish It’s Been Since Bitcoin Price Was Over $13K

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read

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The moving average convergence divergence (MACD) is a lagging indicator many analysts use to track longer-term trend changes in assets across a variety of markets. In Bitcoin, the histogram of this key indicator had been bearish throughout most of 2018 and into 2019, and only recently just rose into bullish territory during last week’s rally where Bitcoin price topped out at $4,200.

Although the rally has run out of steam and since retraced, bullish momentum may not be gone completely, as the weekly MACD histogram has now reached its highest reading in well over a year. The histogram is now showing a the most bullish reading Bitcoin has had since Bitcoin price was over $13,000 back in December of 2017.

Bitcoin Bulls Are Back? Weekly MACD Histogram Highest Since December 2017

Prominent crypto analyst Dave the Wave has been using the weekly MACD indicator to look for data that supports that the bottom of the current bear market is in. In fact, the analyst refuses to even entertain the idea that Bitcoin has been in a bear market at all, due to the monthly MACD never dipping below the center point of the chart.

Why do we do TA?

To block out the daily noise. Highest MACD histogram reading on the weekly chart in over a year. pic.twitter.com/t6m8m0dLe0

— dave the wave🌊🌓 (@davthewave) March 4, 2019

In his most recent charts, the analyst draws comparisons to the 2014-2015 bear market to get a better idea as to when Bitcoin’s declining price woes may turnaround for the longer-term. A new chart shared this week on Twitter, shows the weekly MACD histogram reaching its highest levels since December 2017.

The last time the weekly MACD histogram was this high, Bitcoin’s price was ranging from $13,000 to the $20,000 peak. Once January 2018 hit, the weekly MACD fell deep into bearish territory.

Related Reading | Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”

Following the July 2018 inverse head and shoulders completion, the weekly MACD started to show signs that the bulls were putting up a fight. However, bears eventually won, sending both the price of Bitcoin and the weekly MACD plummeting starting in November 2018.

Now, as the world watches to see if Bitcoin’s bottom is in, the weekly MACD histogram is showing the most strength its shown in well over a year.

Crypto Analyst: Bitcoin Is In a Bull Market That’s Currently Correcting

Due to the MACD generally being a lagging indicator, the recent signs of strength and the fact the indicator never truly fell into the bearish zone on the monthly chart could mean two difference scenarios may be ahead – both of which will only be confirmed in hindsight.

Just to put this 'bear market' in perspective – the MACD on the monthly chart may not even go into bear territory on this correction.🧐 pic.twitter.com/qgVlu1f2UN

— dave the wave🌊🌓 (@davthewave) February 21, 2019

As Dave the Wave points out, the monthly MACD on Bitcoin charts have never fallen bearish at all, and are starting to turn up. Usually, he says, once it turns up, the momentum can be unstoppable. If the lagging indicator did indeed call the bottom, the 2018-2019 bear market low is somewhere in the $3,150 area, and is already far behind us.

Related Reading | Poll: Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term

However, should the lagging indicator turn back down and instead continue below the center point of the chart into bearish territory, the already torturous bear market will have a lot more to go.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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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