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This article is also available in Spanish.
Because Bitcoin did not maintain over $ 100,000 psychological barrier at the beginning of this year, his stubborn rush He gradually unraged. The cover has been deepened in the last two months, and Bitcoin has traded from 75,000 to 79,000 USD in April. The stubborn perspective becomes very tender and the cryptographic sector is Searching for technical brightness Among the accumulation of pressure on conventional markets, especially in the case of action.
Considering the situation, the cryptographic analyst of Tony Severino noticed that the current configuration offers one solemn movement that can annul the extended shoots of the bear.
Tony “The Bull” identifies the vital LMACD inflection point to reject the bear hypothesis
According to Tony “The Bull” Severino, The most vital chart Development is the upcoming bear crossover on a 1-month LMACD Bitcoin indicator. LMacd, which tracks the market rush on a logarithmic scale, is currently showing a blue drifting line towards the crossover under the orange signal line.
Related reading: Crypto CEO reveals why the Bitcoin Bull market has ended with a disaster below $ 80,000
This type of intending crossover is known as Critical confirmation of the bear, And his appearance coincided with growing weakness in wider markets, including conventional indicators such as S&P 500 and Nasdaq.
Although the crossover has not yet been confirmed by a monthly closure, its presence at the opening of April is enough to cause concern. Severino explained that until there is a significant rally before the end of the month, the blue line would cross the orange line, and the rush will officially become Barish. If the month closes with the intact crossover, it will mark it First he confirmed the bears of the rush Change to LMACD from stubborn reversal in July 2023.
Bitcoin Bulls still have a window to reverse the perspective before the end of April
According to Tony Severino, this crossover is not the only reason To lean from Barish on a medium -term bitcoin trajectory, but stands out as the most true technical marker that could cause reflection. The crossover is not isolated on the Bitcoin price chart. Severino emphasized that the same crossover bears have already been confirmed last month in the main indicators, such as the S&P 500 and Nasdaq 100. Interestingly, the crossover has already appeared on the BTCUSD chart compared to gold, additionally confirming the idea that Bitcoins do not move in isolation, but reacting to widespread pressure to gray.
Despite the bear, the situation is not yet final. The current crossover is fleeting, which means it is It’s still time for bulls reverse the signal. A powerful upward movement this month can cause the LMACD blue line to be higher, restore the rush up and annul the bears of the configuration before they put together. The analyst also noticed this possibility of reflection, taking into account the current levels of sale. This is due to the fact that sold -out technical conditions generally create an environment in which dramatic reversal is possible.
At the time of writing, Bitcoin trads at USD 77,260, which is a drop of 2.23% and 8.93% in the last 24 hours and seven days respectively.
A distinguished picture from Unsplash, tradingview.com chart
