Bitcoin's key chart will 'confirm bottom is here' by July 15, trader says
These are two intersecting moving averages as evidence that BTC price action is on the downside.
Market news
Bitcoin (BTC) should give a definitive signal that a macro bottom is underway this month, an analyst has concluded.
In a Twitter thread on July 6, popular commentator Wolf observed key moving average data as evidence that BTC price action will not decline.
Key Chart Crossover Should End Market LossesAmid repeated calls for BTC/USD to revisit levels not seen since Q4 2020, a simple historical trend now indicates that the pair has already reached its latest macro lows.
Analyzing the 3-day chart, Wolf argued that the 100-day moving average (MA) crossing the 200-MA will act as a price floor signal, just like in previous bear markets.
"The MA100 3d negative will cross the MA200 3d positive by mid-July, which would confirm that the bottom is there," he wrote.
Specifically, the crossover of the two MAs is scheduled for July 15 or so – just a week away – after which the future trajectory should be confirmed. If Bitcoin avoids a major decline in the meantime, then $17,600 will remain the last long-term low price for BTC.
The MA100 3d negative will cross the MA200 3d positive by mid-July, which would confirm that the bottom is in place. pic.twitter.com/WgPMUkWIoy
— Wolf (@IamCryptoWolf) July 7, 2022Despite historical precedent, such an outcome is nonetheless far from certain. Ahead of the July 15 deadline, crypto markets will have to weather an ongoing macroeconomic storm, which has so far proved deadly for risky assets across the board.
July 13 will be of particular interest to market participants, as this date marks the release of US Consumer Price Index (CPI) data for the month of June.
As Cointelegraph recently reported,
These are two intersecting moving averages as evidence that BTC price action is on the downside.
Market news
Bitcoin (BTC) should give a definitive signal that a macro bottom is underway this month, an analyst has concluded.
In a Twitter thread on July 6, popular commentator Wolf observed key moving average data as evidence that BTC price action will not decline.
Key Chart Crossover Should End Market LossesAmid repeated calls for BTC/USD to revisit levels not seen since Q4 2020, a simple historical trend now indicates that the pair has already reached its latest macro lows.
Analyzing the 3-day chart, Wolf argued that the 100-day moving average (MA) crossing the 200-MA will act as a price floor signal, just like in previous bear markets.
"The MA100 3d negative will cross the MA200 3d positive by mid-July, which would confirm that the bottom is there," he wrote.
Specifically, the crossover of the two MAs is scheduled for July 15 or so – just a week away – after which the future trajectory should be confirmed. If Bitcoin avoids a major decline in the meantime, then $17,600 will remain the last long-term low price for BTC.
The MA100 3d negative will cross the MA200 3d positive by mid-July, which would confirm that the bottom is in place. pic.twitter.com/WgPMUkWIoy
— Wolf (@IamCryptoWolf) July 7, 2022Despite historical precedent, such an outcome is nonetheless far from certain. Ahead of the July 15 deadline, crypto markets will have to weather an ongoing macroeconomic storm, which has so far proved deadly for risky assets across the board.
July 13 will be of particular interest to market participants, as this date marks the release of US Consumer Price Index (CPI) data for the month of June.
As Cointelegraph recently reported,
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