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Bitcoin MACD Bullish Crossover

We saw a monthly MACD bullish crossover after July 2023 candle close so why isn’t price going up? Why is price lagging & will it be bearish or bullish? On this video we make the case for both bullish & bearish scenarios:

1. Bullish Case: In February of 2022 we talked about Bitcoin having a bearish MACD crossover on the monthly chart which doesn’t happen often. Many people were still ultra bullish on Bitcoin and instead of price going straight down to the $16,000 level, price actually bounced for 2 months after the bearish crossover. On this MACD bullish crossover in July of 2023, price has retraced to the downside making it almost exactly the opposite.

However.

1. Bearish Case: Typically we don’t see a monthly crossover followed by a 2nd quick crossover. The NASDAQ, Russell 2,000, S&P 500, & Dow Jones all had bearish crossovers about the same time as Bitcoin in early 2022. They’ve all had bullish crossovers about the same time in July 2023 but Dow Jones & Russell 2,000 have now also had bearish crossover’s.

That leads to our question: Is price lagging & takes off to the upside similar to priced dropping in the bear market OR will the MACD cross back over bearish?

~ Jesse

Quick 6 minute video talking about it on the charts:

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Disclaimer

The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational purposes only.

Any suggestions, comments or questions, please feel free to direct message me on twitter @JesseOlson. Thanks for reading!