Bitcoin metrics line up bull signals with $60.6K BTC price level to beat
2024.08.18 11:00
Bitcoin (BTC) sought a reclaim of $60,000 into the Aug. 18 weekly close as “out of hours” BTC price action saw strength.
BTC/USD 1-hour chart. Source: TradingView
Ichimoku crossover leads bullish BTC price signals
Data from Cointelegraph Markets Pro and TradingView showed new local highs of $60,271 on Bitstamp on the day.
Despite the absence of traditional market traders, BTC/USD slowly edged higher throughout the weekend, while price indicators hinted at continued upside to come.
Analyzing the Ichimoku cloud on daily timeframes, popular trader Titan of Crypto flagged a key bullish crossover, setting Bitcoin up for an upward run.
“BTC just closed a candle above Tenkan and is now eyeing a Kijun reclaim,” he wrote in part of accompanying commentary on X.
Titan of Crypto referred to the classic TK crossover, an event on an Ichimoku chart that traders look for as a sign of an imminent upside breakout.
BTC/USD 1-day chart with Ichimoku cloud data. Source: Titan of Crypto/X
The post additionally noted a bullish cross for the moving average convergence/divergence (MACD) indicator, which measures the interplay between two moving averages to determine buy and sell points.
“$BTC has a very high chance of pumping again SOON,” fellow trader Alan Tardigrade concluded in his own post on the topic.
BTC/USD 1-day chart with MACD data. Source: Trader Tardigrade/X
Bitcoin’s “parabolic” phase still in play
Continuing, popular trader and analyst Rekt Capital reiterated that $60,600 was now the ideal level for bulls to clinch at the weekly close.
Related: 45% of Bitcoin supply has not moved in 6 months — Research
In doing so, the price would win back its post-halving “reaccumulation range” lost during the snap trip to six-month lows earlier in August.
“It would also signal the end of its downside deviation bargain period below the ReAccumulation Range (orange circle),” Rekt Capital added alongside an explanatory chart.
BTC/USD 1-week chart. Source: Rekt Capital/X
A further post added a countdown to a more intense period of price growth, using past cycles as a guide.
“Bitcoin is ~125 days after the Halving. Bitcoin tends to breakout into the Parabolic Phase of the cycle some ~160 days after the Halving,” it stated, with Rekt Capital reiterating an existing theory from July.
“If history repeats, Bitcoin could be just over a month away from breakout. That’s late September.”
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.
