The Triangle:
On the daily time frame chart, the price action of the leading cryptocurrency has reached the support of the triangle once again. The recent swing low is at $35500 and the support of this pattern is almost at the same level. The selling volume is so far quite low. However, in case of break down the support, the technical target can be $23500 and if the price action breaks out the resistance then the technical target is $50800.
The strongest support:
The price action of BTC has already bounced from the strongest support of $30K. Whenever the price action of Bitcoin has found any support during the bull run and started a next rally to the upside, the price action never broke down that support in the history of BTC and $30K is one of such support.
The most powerful buying signal:
On the weekly chart, it can be observed that most of the time if the priceline of the leading cryptocurrency moves at the lower bands of Bollinger bands and uses it as a support and the stochastic goes in the oversold zone the price action of Bitcoin starts the next rally to the upside.
MACD on the weekly chart:
Nowadays, most of the traders are saying that the MACD has formed a bear cross and gave a sell signal from a very high position in the overbought zone. But if we watch the MACD with the combination of stochastic and Bollinger bands then we have a support of Bollinger bands and the Stochastic has given buying signal from the oversold zone.
But in previous bull runs when the MACD gave a sell signal the Bitcoin was not having the supports of Bollinger bands and the Stochastic as well but on the contrary, the Bollinger bands and Stochastic were also giving the sell signals as the price action was being rejected by the resistance of Bollinger bands and the Stochastic was also overbought.
2017:
2013:
Conclusion:
For example, if the price action breaks down the support of the triangle then there is very strong support at $30K and we can have another bounce from there but in the long-term, a very strong buying signal is appeared signaling a very powerful bullish rally in the long-term and also indicating that the bull run is not ended.
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Link for BINANCE exchange, the best place to buy or sell Crypto:
https://www.binance.com/?ref=11256882
Also read the below article:
