Bitcoin BTCUSD At the weekend close on August 18, the price of BTC rose in after-hours trading, seeking to recover above $60,000.
Ichimoku Kinko Hyo Crossover Leads to Bullish Signal for BTC Price
Bitstamp hit a new local high of $60,271 on the day, according to data from Cointelegraph Markets Pro and TradingView.
Despite the absence of traditional market traders, 
BTCUSD It rose slowly over the weekend and price indicators suggested the rise would 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 above the Tenkansen line and is now looking to recover to the baseline,” he wrote in a 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 very likely surge again soon,” fellow trader Alan Tardigrade concluded in his post on the 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.
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 a period of downside discounting below the reaccumulation range (orange circle),” Recto Capital added alongside an explanatory chart.
Yet another post included a countdown to a period of more intense price increases, referencing past cycles.
“Bitcoin is approximately 125 days post-halving. Bitcoin tends to enter the parabolic phase of the cycle approximately 160 days post-halving,” Rekt Capital said, reiterating an 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.
