{"id":20432,"date":"2023-07-30T15:26:03","date_gmt":"2023-07-30T15:26:03","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-due-key-macd-bull-flag-repeat-as-btc-price-freezes-at-29-3k\/"},"modified":"2023-07-30T15:26:05","modified_gmt":"2023-07-30T15:26:05","slug":"bitcoin-due-key-macd-bull-flag-repeat-as-btc-price-freezes-at-29-3k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-due-key-macd-bull-flag-repeat-as-btc-price-freezes-at-29-3k\/","title":{"rendered":"Bitcoin due key MACD bull flag repeat as BTC price freezes at $29.3K"},"content":{"rendered":"
\n

Bitcoin (BTC) further reduced volatility ahead of the July 30 weekly close as traders eyed an exciting long-term bull signal.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price makes weekend “slower than ever”<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView followed sideways BTC price action over the weekend, with BTC\/USD sticking in a tiny $150 range.<\/p>\n

\n

#Bitcoin<\/a> Trading within a $10 range for the past 1.5 hours.<\/p>\n

Weekends are slower than ever lately. pic.twitter.com\/FmZLL82wrk<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) July 29, 2023<\/a><\/p><\/blockquote>\n

Conditions throughout the week had remained calm, despite a slew of macroeconomic data events, leading some to assume that a breakdown would come next.<\/p>\n

With hours until the weekly close, however, there was still no sign of volatility returning. <\/p>\n

\n

#BTC<\/a> exhibiting impressive price stability around the ~$29250 for most of the week$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/QB6iHS2gsT pic.twitter.com\/mnoDg7ltpx<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) July 28, 2023<\/a><\/p><\/blockquote>\n

\u201cPrice action has not been this compressed since the very start of 2023. The longer this goes on, the bigger the move will be that follows it,\u201d popular trader Daan Crypto Trades argued<\/a> in part of the weekend\u2019s commentary.<\/p>\n

As Cointelegraph reported, Bitcoin\u2019s Bollinger Bands currently echo conditions from the start of the year, just before BTC price went on to gain 70% in the first quarter.<\/p>\n

Analyzing movements among traders on the Binance BTC\/USD order book, monitoring resource Material Indicators noted that buying pressure from whales was combining with increasing resistance closer to $30,000.<\/p>\n

\u201cExpecting guard rails to stay up until we near the Weekly and Monthly candle closes,\u201d part of accompanying comments stated<\/a> on July 29.<\/p>\n

BTC\/USD order book data on Binance. Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n

Bitcoin monthly MACD cross firmly on the radar<\/h2>\n

A more exciting topic came in the form of a potential bullish cross on Bitcoin\u2019s moving average convergence\/divergence (MACD) indicator.<\/p>\n

Related:\u00a0Bitcoin bull run next? Bitfinex stablecoin ratio \u2018blows up\u2019 in 2023<\/em><\/strong><\/p>\n

On monthly timeframes, various market observers noted, such a bull flag was inches from confirmation, and should historical patterns repeat, upside should result in future.<\/p>\n

\n

#Bitcoin<\/a> is 1.5 days away from locking in a monthly bullish MACD cross pic.twitter.com\/aV2vCmWOaJ<\/a><\/p>\n

\u2014 Jelle (@CryptoJelleNL) July 30, 2023<\/a><\/p><\/blockquote>\n

Trading resource Stockmoney Lizards was also hopeful for the cross\u2019s positive implications, but nonetheless acknowledged<\/a> that its appearance \u201cdoesn’t mean btc is already out of its summer correction mode.\u201d<\/p>\n

An accompanying chart showed a prior monthly MACD cross from late 2015 heralding preparations for Bitcoin\u2019s ascent to last cycle\u2019s $20,000 all-time high two years later.<\/p>\n

BTC\/USD annotated chart with MACD. Source: Stockmoney Lizards\/Twitter<\/em><\/figcaption><\/figure>\n

While lower-timeframe MACD crosses can be false alarms, a weekly cross in August 2021 preempted the move to Bitcoin’s current all-time highs in November that year.<\/p>\n

Magazine: <\/em><\/strong>Experts want to give AI human \u2018souls\u2019 so they don\u2019t kill us all<\/em><\/strong><\/p>\n

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.\n<\/p>\n<\/div>\n