Snazzy 1674050456.1611858 minutes reading from Bitcoin

Price Analysis: Cryptocurrencies Make a Comeback, But Are They All In?

GM crypto frens! 🚀

I have some important BTC TA to share that is making me bullish! 🧵👇(1/10)

1. Moving Averages

- BTC has cleared it's 20 Weekly SMA (yellow), which typically indicates the start of an uptrend. - Just the 200 Weekly SMA to go! ETH has cleared both! 👀

As you can see from the chart, the bottom in 2018/2019 formed a wedge, as has recent price action in Dec 2022.

Price was compressed, which then resulted in a parabolic move above the 20 Weekly SMA & eventually the 50 (green) to signal a full reversal in trend.

2. Weekly RSI

- In each bear market the RSI trends down and below the midline (50), the bearish zone. - Whenever the weekly RSI has broken the downtrend trendline and lifted it's head above the midline, it has indicated the start of an uptrend.

Close ups of the chart & Weekly RSI: 1. 2018/2019. 2.2022/2023.

Notice the same parabolic move that get's us above that midline.

3. Supertrend

- Supertrend is fantastic at indicating trend, esp for HTF's. - As you can see we're approaching the top of the bearish Supertrend on the Weekly. - Every time we've approached the edge (blue circles) in either a bullish or bearish trend, we've flipped it!

4. DMI (Directional Movement Index - Trend Direction)

- Similar to the RSI, we have the DMI oscillator trending down in a bearish market. - Recently we've seen the the DMI break above the downtrend trendline and above the 0 line indicating a strong bullish move!

5. OBV (On-balance Volume)

- OBV measures volume flow i.e. buying & selling pressure in a cumulative way. - As we can see in a bearish trend a down trendline forms and each time OBV has broken this and lifted above 0 it's indicated the start of an uptrend.

6. BVOL (BTC Historical Volatility Index)

- Recently we saw the 3rd lowest BVOL measure since 2018! - This usually indicates that a volatile move is approaching and... 🚀 - Notice the trendlines on the BVOL & increases in volatility that have tended to lead to uptrends.

7. Correlation with major markets

- The correlation coefficient is indicating that correlation with the Nasdaq & S&P500 is decreasing. 📉 - Meaning that major market movements are currently having little to no impact on BTC. - This can of course increase!

8. Crypto Market Cap

- Total crypto cap has reclaimed the 20 Weekly SMA (yellow) and is now right under the 200 (blue). - It's broken out of what appears to be a falling wedge. - Break above the 200 Weekly SMA and there's a good chance we break through the bearish Supertrend.

9. ETH

- ETH has managed to break above it's 20 Weekly & 200 Weekly SMA, both bullish signs! - Again we see a break out of the downtrend trendline on the RSI and above the midline (50) - bullish territory! - Break above the 50 Weekly SMA, Supertrend and 100 Weekly (red)... 🚀

10. Summary

- What we have here are A LOT of indications that we're about to start a new uptrend.

- Could this change? Yes, we have to be open to a rejection & continuation of the downtrend. - As always DYOR and this is NFA.

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A few tweets to look at:

Lukasz Wydra (@lukasz_wydra

Fantastic Hash Ribbons analysis!