Bitcoin, which has experienced sharp drops recently, continues to be traded in a certain range.
While traders are now waiting for BTC to make a jump, analysts have commented on the MACD indicator, a widely used technical indicator to measure trend strength and trend changes.
According to the news of Coindesk, the cryptocurrency analyst with the nickname CryptoBullet1, who evaluated the MACD indicator in Bitcoin, stated that the indicator shows a bearish trend.
Stating that the MACD indicator has crossed below zero on the BTC weekly chart, the analyst said that this represents the transition from bullish to bearish and is considered a sell signal.
Comparing 2019 and 2023, the analyst stated that the MACD bearish cross was also seen four years ago and that there was a decline after the downward movement of the MACD indicator.
Adding a graphic to his share, the analyst stated that if history repeats itself, there may be a downward wave in BTC now.
"Bitcoin 2019-2023 comparison: Same bullish period.
In 2019, Bitcoin had a 147-day uptrend until the MACD turned bearish. The same is true now.
In this context, if the downward trend in the MACD indicator in 2019 is to be experienced again, lower levels can be seen in BTC."
#Bitcoin $BTC 1W 2019 v 2023 comparison
Same Echo Bubble.
Same Breakout Candle.
Same 147 days of uptrend until MACD crossed bearish.Probably nothing pic.twitter.com/hIidC8iYfo
— CryptoBullet (@CryptoBullet1) June 12, 2023
“So I believe the most likely outcome is for us to go to $19,000-20,000,” another Twitter user said, noting the MCD indicator.
While the analyst named CryptoBullet1 states that there may be a decrease in Bitcoin, Katie Stockton, the founder of Fairlead Strategies, does not agree with the decrease.
Stating that the decrease in MACD is also a decrease for the BTC price, Stockton argued that this decrease was weakened by other factors.
“There is a potential sell signal for BTC on a new weekly MACD, and it is a bearish sign for the price.
However, other factors and near-term selling conditions are giving Bitcoin a chance to hold on to the $25,200 support level.
In addition, oversold signals are stand-alone indicators and are not reliable on their own.
But as with BTC, when MACD declines are accompanied by prices trading at significant support levels, it often heralds renewed buying interest."
Bitcoin continues to be traded at $ 26,144 at the time of writing.
*Not investment advice.
