Analyst Points A Macro Uptrend For BTC
Economist Alex Krüger, in a thread he sent to followers on Twitter, claimed that no more perfect price action could be imagined for the best cryptocurrency by market cap. The analyst made the following statements in his statements:
“If CZ painted this chart, he then must be one of the best painters in the history of bitcoin, as charts rarely get more picture perfect bullish than this.”
The analyst outlined eight possible reasons why BTC’s current market structure might reverse its bullish trend, including longer-term indicators turning green, a classic bounce from the 200-day moving average, and trading just above the current resistance. Alex Kruger said in his statements:
“- multi-months long consolidation
– momentum indicators turning
– a bottom with max historical volume
– higher low on very high volume
– engulfing candle on even higher volume
– bounce off the 200 dma
– top of range coincides with 200 wma
– air pocket volume wise above”
However, Alex Krüger suggested that the much-anticipated decision by the Federal Reserve regarding interest rates would likely be the catalyst that caused Bitcoin to choose the trend direction. In his statements, the analyst emphasized:
“The Fed should determine the direction. The chart illustrates the path of least resistance.”
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