At the time of publishing, BTC is down from outperforming most other tokens and advancing to the highest levels since the largest crypto plummeted to as low as $18,000 from $30,000 in a severe selloff in mid-June.
Technical Analysis of the Data says this Rally Could Bring Bitcoin Near $30,000 – But It’s also Bitcoin’s Worst Month Since 2011…
A bad month means many traders simply aren’t in the mood for a rally, “There’s no indicator/signal/expert on the planet that will end with me dumping more money into Bitcoin. Talk to me in like… November, maybe” said one user in a crypto traders telegram community.
Nonetheless, top analysts at crypto intelligence firm Glassnode are confirming that “Numerous signals indicate that genuine bottom formation could be underway,” adding that “Bitcoin prices have now traded below the Realized Price for over a month, with many signals that a deep and complete capitulation has occurred.”
What They’re Looking For Next…
Bitcoin must break out above the $25,000 resistance level and see a moving average convergence divergence (MACD)—a technical indicator—above zero each day and a positive weekly signal.
This, together with momentum indicators like stochastics showing a number above 20%, would make the odds of a run to the $29k-$30k range possible.
If we see both of these today,
In Closing…
I’m viewing the situation like this:
The data indicates a potential BTC rally – no argument from me there. We just finished one where Bitcoin gained about $3000, and I see repeating something of similar size much more likely than following it up with one nearly twice as large.
That feels like too much too soon.
Anything over $27,000, and I’ll be pleasantly surprised.
