Bitcoin (BTC) attempted to reclaim $60,000 for the weekly close on August 18, with “over-the-counter” BTC price action looking bullish.
Ichimoku Crossover Leads to Bullish BTC Price Signal
According to data provided by Cointelegraph Markets Pro and TradingView, a new local high of $60,271 was recorded on Bitstamp that day.
Despite the absence of traditional market traders, BTC/USD has been slowly rising throughout the weekend, with price indicators suggesting further gains ahead.
Popular trader Titan of Crypto analyzed the Ichimoku Cloud on the daily timeframe and predicted that a major bullish crossover has occurred, which will likely lead to Bitcoin’s uptrend.
“BTC just closed above the Tenkan and is now looking to bounce back from the baseline,” he wrote in part of an accompanying commentary on X.
Titan of Crypto mentioned the classic TK crossover that occurs on Ichimoku charts, an event that traders look for as a sign of an imminent bullish breakout.
The post also mentioned a bullish crossover for the Moving Average Convergence/Divergence (MACD) indicator. MACD measures the interaction between two moving averages to determine when to buy and sell.
“$BTC is very likely to pump again soon,” fellow trader Alan Tardigrade concluded in his post on the subject.
Bitcoin’s “Parabolic” Phase Still In Progress
Then, popular trader and analyst Rekt Capital reiterated that $60,600 is the ideal level for bulls to reach at the end of the week.
Related: 45% of Bitcoin Supply Has Not Moved in 6 Months – Study
By doing so, prices will regain their “reaccumulation range” following the halving that saw them plunge to six-month lows in early August.
Rekt Capital added that the explanatory chart “also signals the end of the downside divergence trading period below the reaccumulation range (orange circle).”
In an additional post, I added a countdown to a period of more intense price action, using past cycles as a guide.
“Bitcoin is about 125 days post-halving. Bitcoin tends to break out into the parabolic phase of the cycle about 160 days post-halving,” Rekt Capital noted in July, reiterating existing theory.
“If history repeats itself, Bitcoin could be a month away from a breakthrough, possibly by the end of September.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.