ME News reports that on August 7 (UTC+8), crypto analyst Ai posted on X that multiple technical indicators on Bitcoin’s monthly chart are emitting bullish signals, suggesting the market may have already formed a macro bottom. Data shows that the TD Sequential indicator triggered a buy signal on Bitcoin’s monthly chart last month. This indicator previously successfully identified the bottom of the 2022 bear market and is now generating a similar signal again. Additionally, Bitcoin’s current price is near the 50-month simple moving average (SMA). Historical data shows that since 2014, this long-term moving average has repeatedly served as a key support level, aligning with multiple market bottoms. Meanwhile, the Chande Momentum Oscillator (CMO) has declined to around -71. The last time the CMO reached a similar level was in June this year, when Bitcoin’s price briefly dipped toward $57,000. Historically, extreme lows in the CMO often coincide with market bottoms. Analysis suggests that Bitcoin may continue trading in a range of $60,000 to $67,000 in the short term. However, the combination of the TD Sequential buy signal, support from the 50-month SMA, and the CMO’s oversold condition indicates that a long-term cycle bottom may have been established. The market will now monitor whether price can break above this range to confirm the start of a new upward trend. (Source: ODAILY)
Analyst: Bitcoin’s Bullish Trend May Have Begun, Multiple Technical Indicators Signal a Bottom
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Summary
A recent report from MetaEra on August 7 suggests Bitcoin may be entering a bullish trend, as multiple technical indicators point to a potential macro bottom. Analyst Ai noted a buy signal from the TD Sequential indicator—a pattern observed during the 2022 market low. Bitcoin is approaching the 50-month SMA, a key support level since 2014. The Chande Momentum Oscillator has fallen to -71, a level last seen in June when Bitcoin reached $57,000. The analyst anticipates short-term consolidation between $60,000 and $67,000, but overall technical indicators suggest a long-term bottom may be forming.
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