Having experienced a drastic decline lately bitcoincontinues to trade in a certain range.
Investors are now BTCA widely used technical indicator for measuring trend strength and trend changes, analysts wait for the . MACD interpreted the indicator.
According to the news of Coindesk, evaluating the MACD indicator in Bitcoin CryptoBullet1 The pseudonymous cryptocurrency analyst stated that the indicator shows a bearish trend.
Stating that the MACD indicator has crossed below zero on the BTC weekly chart, the analyst said that this represents the transition from bullish to bearish and is considered a sell signal.
Comparing 2019 and 2023, the analyst stated that the MACD bearish cross was also seen four years ago and that there was a decline after the downward movement of the MACD indicator.
Adding a graphic to his share, the analyst stated that if history repeats itself, there may be a downward wave in BTC now.
“Bitcoin 2019-2023 comparison: Same bullish period.
In 2019, Bitcoin had a 147-day uptrend until the MACD turned bearish. The same is true now.
In this context, lower levels can be seen in BTC if the downward trend in the MACD indicator in 2019 is to be experienced again.”
#Bitcoin $BTC 1W 2019 v 2023 comparison
Same Echo Bubble.
Same Breakout Candle.
Same 147 days of uptrend until MACD crossed bearish.Probably nothing pic.twitter.com/hIidC8iYfo
— CryptoBullet (@CryptoBullet1) June 12, 2023
Another Twitter user drew attention to the MCD indicator. “So I believe the most likely outcome is for us to go to $19,000-20,000” said.
While the analyst named CryptoBullet1 states that there may be a decrease in Bitcoin, Katie Stockton, the founder of Fairlead Strategies, does not agree with the decrease.
Stating that the decrease in MACD is also a decrease for the BTC price, Stockton argued that this decrease was weakened by other factors.
“There is a potential sell signal for BTC on a new weekly MACD and it is a bearish sign for the price.
However, other factors and near-term selling conditions are giving Bitcoin a chance to hold on to the $25,200 support level.
In addition, oversold signals are stand-alone indicators and are not reliable on their own.
But as with BTC, when MACD declines are accompanied by prices trading at significant support levels, it often heralds renewed buying interest.”
Bitcoin continues to trade at $ 26,144 at the time of writing.
*Not investment advice.
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