Bitcoin may be back in February, on-chain data suggests, as a BTC price bull flag prepares a breakout.
on June 2, popular trader and commentator Alan Tardigrade drew a key comparison to BTC price action now and in mid-February.Bitcoin needed less than a month to hit new all-time highs earlier this year when a classic on-chain indicator flashed green.“Coincidence or Price action??” Tardigrade queried while presenting the phenomenon.
“Bull Flag and MACD Bullish Cross at the same time. After a breakout to the Bull Flag, $BTC will surge higher.”The metric in question is moving average convergence divergence . On three-day timeframes, MACD, which measures trend strength, is busy building positive bars after a “red” period, which began in early April.
At the same time, BTC/USD Is consolidating within a bull flag — and last time it exited to the upside along with green MACD, new all-time highs required a matter of weeks.Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Bitcoin could grow by strides by being more like Ethereum
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