The Current State of Bitcoin Prices
As Bitcoin’s price takes its sweet time climbing upward, people can’t help but wonder if we’ve reached the mystical bottom, or if we’re destined for a ride on the Pain Express once again. Spoiler alert: the charts might hold some answers, but they often prefer to keep us guessing.
CME Gaps and Price Movements
Let’s talk CME gaps. Last week, I pointed out an intriguing phenomena – a CME gap loomed above the weekend prices, a whooping 7% higher! This was quickly corrected with a $560 candle that rocketed the price from around $7,240 to $7,800. Spoiler: This exhilarating surge may have been more of a tease than a trend, with prices sliding quickly back down to their previous levels.
- CME price closes at $7,495
- Trading hovers around $7,514
- Brace for the gap fill – it may not be pretty
MACD: The Mood Ring of Bitcoin
The Daily MACD indicator finally crossed bullish after a month-long sulk. Think of MACD as Bitcoin’s mood ring. When it’s in a good mood, prices rise; when it’s gloomy, well, you get the idea. Although we can’t predict how long the cheerful vibes will last, the current trend is positive. If only the weekly MACD followed suit, right?
Looking at Historical Patterns
Now, let’s flashback to the MACD’s past. Currently, it strikes a resemblance to the patterns from April/May 2018—a fun time for glad-handing crypto experts declaring the bottom. However, a grim reality followed… a relentless bearish trend that lasted far too long. Could this déjà vu be a sign of more bearish days ahead? Bring on the popcorn!
Risky Business for Bitcoin Miners
What’s the deal with miners? The upcoming halving event could play a significant role, historically sending Bitcoin on a post-halving bull run. Yet, history doesn’t always repeat itself; it sometimes just likes to rhyme. Given past price drops, could we be looking at a soulful plunge down to $2,705, revealing a bitter bottom by May 2020? Here’s hoping we bring the price-lifting party hats instead.
What’s Next: Bullish or Bearish?
Are we seeing a bullish turnaround? Bitcoin needs to stay above the $6,900 mark. If it doesn’t, expect a tumultuous drop into the lows around $2,700—yikes! If these prices hold, we could be looking at a potential bump back to $9,200 and a chance at flipping the market bias from bearish to bullish. Fingers crossed, folks! In the exhilarating world of Bitcoin trading, every hardy investor knows that it’s best to buckle up and prepare for wild twists and turns along the financial rollercoaster.
