Analysts who continue to build support with macro crypto calls believe Bitcoin (BTC) is almost ready to enter the parabolic phase of the market cycle.
Pseudonymous analyst TechDev told his 490,300 followers on social media platform
The trader shared a chart that suggests Bitcoin broke through the upper Bollinger Bands within two months after spending nearly two years recovering from the bear market bottom.
Traders use Bollinger Bands to identify periods when volatility is likely to increase and determine whether an asset is overbought or oversold.
TechDev's chart also suggests that during the 2016 and 2020 market cycles, two signals were present just before BTC caused its parabolic surge.
“This is where things get exciting.”
Looking at BTC from a different perspective, TechDev says that Bitcoin is in the early stages of a parabolic rise based on the crypto king's Logarithmic Moving Average Convergence Divergence (LMACD) indicator. The LMACD indicator is designed to reveal changes in an asset's trend, strength, and momentum.
“Paying attention to the High Time Frame (HTF) provides the best chance to trade the cycle.
$30,000 was not a high because HTF was not finished expanding.
$50,000 was not a high because HTF was not finished expanding.
$70,000 was not the highest price because HTF was not finished expanding.
$90,000 was not the highest price because HTF was not finished expanding.
And HTF's expansion is far from over. ”
Based on the trader's chart, he appears to be suggesting that Bitcoin will not top the cycle until the LMACD on the two-month chart hits resistance at 0.12. BTC's LMACD currently appears to be hovering at 0.04.
At the time of this writing, Bitcoin is trading at $97,274.
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