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Bitcoin, Strategy Confirm Concurrent Bull Cross, Strengthening Uptrend Signal: Technical Analysis
Bitcoin and MSTR both flashed a bullish signal, indicating a potential major uptrend.
What to know:
- Bitcoin and MSTR concurrently flashed a bullish signal, indicating a potential major uptrend.
- Other indicators support the signal, though a bull-market pullback remains possible.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Imagine two major newspapers both endorsing the same presidential candidate. The joint support indicates that the candidate probably has a broad backing.
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Similarly, when price charts for both bitcoin
and Strategy (MSTR) β the largest publicly-listed BTC holder β show concurrent bullish signals, itβs likely a strong sign that the market and major institutional players are aligned.Daily price charts for both BTC and MSTR show their 50-day simple moving averages (SMA) crossing above their 100-day SMA to confirm a so-called bullish crossover. It's a sign the short-term trend is now outperforming the longer-term trend, which could be a signal of the beginning of a major bull market.
BTC's bull cross is consistent with other indicators like the MACD, suggesting the path of least resistance is on the higher side.
That said, an interim drop below $100,000 cannot be ruled out, as on-chain data show influential market participants have turned cautious.
The chart shows BTC's price rally has stalled in the $101,000-$107,000 range. A downside break could trigger more profit-taking, potentially deepening the bull market pullback to support at $98,000.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
