BlockBeats news, on August 7, crypto analyst Alicharts published a lengthy article stating that Bitcoin's macro bottom may have already formed, citing the following three reasons:
1. A TD Sequential buy signal has appeared on the Bitcoin monthly chart. This signal is rare and previously correctly identified the market bottom in 2022; it may now be indicating a similar bottom.
2. Bitcoin is hovering near the 50-month simple moving average. This long-term support level has coincided with major market bottoms multiple times since 2014.
3. The Chande Momentum Oscillator (CMO) has dropped to -71. The last time it reached this level was in June, when Bitcoin was heading toward $57,000. Historically, such low readings have often coincided with significant bottoms.
Note: The Chande Momentum Oscillator measures the relative strength of upward versus downward price momentum over a specified period, helping to determine whether the market is overbought or oversold and assessing the strength of the trend.