Bitcoin (BTC) was on track to recover to $60,000 by the weekend close on August 18 as the price remained firm in after-hours trading.
Ichimoku Kinko Hyo Crossover Leads to Bullish Signal for BTC Price
Data from Cointelegraph Markets Pro Trading View That day, Bitstamp hit a new local all-time high of $60,271.
Despite the absence of traditional market traders, BTC/USD slowly rose over the weekend, with price indicators suggesting the upside will continue.
Popular trader Titan of Crypto analyzed the Ichimoku cloud on a daily chart and warned of a significant bullish crossover, signaling an uptrend for Bitcoin.
“BTC closed the candle above the turning point and is now looking to recover to the baseline,” he said. Written Some accompanying commentary on X.
Titan of Crypto was referring to a typical TK crossover, an event on the Ichimoku Kinko Hyo that traders look out for as a sign of an imminent upward breakout.
The post further mentions the bullish cross of the Moving Average Convergence/Divergence (MACD) indicator, which measures the interaction of two moving averages to determine buy and sell points.
“BTC will likely rise again soon,” fellow trader Alan Tardigrade concluded. Your Posts On that topic.
Bitcoin’s “parabolic” phase is still ongoing
Continuing, popular trader and analyst Recto Capital reiterated that $60,600 is the ideal level for bulls to capture at the weekend close.
Related: 45% of Bitcoin supply has been static for six months – study
Doing so would allow prices to reclaim the post-halving “reaccumulation range” that was lost during the plunge to six-month lows in early August.
“This also signals the end of the downside bargain period below the reaccumulation range (orange circle),” Recto Capital said. Added Located next to the instruction chart.
Yet another post included a countdown to a period of more intense price increases, referencing past cycles.
“Bitcoin is about 125 days post-halving. Bitcoin tends to enter the parabolic phase of its cycle about 160 days post-halving.” statedRecto Capital reiterated its existing theory from July.
“If history repeats itself, Bitcoin may be just a little over a month away from a breakout, which could be in late September.”
This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
