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Since Bitcoin failed to adhere to the psychological barrier of $ 100,000 earlier this year, its bullish momentum He gradually revealed. The withdrawal has been deepened over the past two months, with bitcoin trading between $ 75,000 and $ 79,000 in April. The upward possibility has become very weak, and the encryption sector Search for technical clarity Amid accumulation of pressure across traditional markets, especially with stocks.
Looking at the situation, encryption analyst Tony Sevirino indicated that the current preparation offers a major step that can nullify an extended landmark.
Tony “Taur” determines the important LMACD turning point for rejecting the hypothesis
According to Tony, “The Taurus” Sevirino, The most important graph Development is the landing crossover on the LMACD index for one month. LMACD, which tracks the market momentum on the Logaretmesty scale, is currently the blue line drifting towards the intersection of the orange signal line.
Related reading: Crypto CEO reveals the reason for the end of the Bitcoin Bull market with a collapse of less than $ 80,000
It is known that this type of intersection Important downsic confirmation, Its appearance coincides with twice the growing through the broader markets, including traditional indicators such as S&P 500 and NASDAQ.
Although the intersection has not yet been confirmed with a monthly closure, its presence in the April Championship is sufficient to cause anxiety. Severino explained that unless there is no major gathering before the end of the month, the blue line will cross under the orange line, and the inventory will officially turn into a decline. If the month is closed with a sound intersection, it will distinguish The decrease confirmed for the first time Turn on LMACD since the reversal of the rise in July 2023.
Bitcoin Bulls still has a window to turn expectations before April
According to Tony Severino, this intersection is Not the only reason Anime has a decline on the medium term bitcoin path, but it stands out as a more accurate technical sign that can lead to rethinking. Cross is not isolated in the bitcoin price scheme. Severino highlighted that the same declining intersection was confirmed last month in major indicators like the S&P 500 and NASDAQ 100. It is interesting, that the intersection has already appeared in BTCUSD against the golden chart, which supports the idea that Bitcoin is no longer moving in isolation but his reaction to generating Macro’s pressure.
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Despite the declining tendency, the situation is not yet final. The current intersection is temporary, and this means the presence It is still time for bulls To reverse the signal. A strong upward step this month can cause the blue LMACD line to diverge, re -establish ascending momentum and nullify the decreased preparation before it hardens. The analyst also pointed out that this possibility of apostasy in view of the current sales levels. This is because the technical conditions in the sale generally create the type of environment in which the dramatic reflection is possible.
At the time of this report, Bitcoin is traded at $ 77,260, a decrease of 2.23 % and 8.93 % in 24 hours and seven days in a row.
Distinctive image from Unsplash, Chart from TradingView.com
