This is a daily technical analysis by Coindesk analyst and chartered market engineer Omkar Godbole.
Imagine two major newspapers supporting the same presidential candidate. Cooperative support indicates that candidates probably have broad support.
Similarly, for both Bitcoin price charts BTC$102,165.20 and Strategy (MSTR) – the largest publicly registered BTC holder – shows simultaneous bull signal. This is a strong indication that players from the market and major institutions are in line with.
Daily price charts for both BTC and MSTR show that a simple 50-day moving average (SMA) is over 100-day SMA, confirming what is known as bullish crossover. This is a sign that the short-term trend is outweighing the long-term trend, which could be a signal to the start of a major bull market.
Daily charts for BTC and MSTR. (tradingView/coindesk)
BTC’s bullcross is consistent with other indicators such as MACD, suggesting that the path with minimal resistance is on the higher side.
That said, provisional drops below $100,000 cannot be ruled out. On-chain data shows that influential market participants are becoming more cautious.
BTC hourly price chart. (tradingView/coindesk)
The chart shows that BTC price rallies are stagnant in the $101,000 to $107,000 range. The drawbacks could lead to more profits and could potentially deepen the bull market pullback with support of $98,000.
