Recent bitcoin price action has turned momentum positive on nearly every major timeframe: from today to daily to monthly.
If these signals are confirmed with a monthly close in June, the train could officially have left the station when it comes to the next crypto bull market.
BTCUSD momentum is building over multiple timeframes
Imagine a train that has come to a complete standstill. It is much easier to board a train when it is stationary and before it has started moving. The momentum begins slowly, and once the train really gets rolling, it picks up speed that seems unstoppable. Re-slowing takes strength, time, and distance before slowing down again. Getting in the way of the train can be dangerous.
If bitcoin price can keep increasing until the end of June, the strengthening of bullish momentum will be confirmed on almost all major timeframes from daily to weekly to monthly.
This is evident from the LMACD which shows the following timeframes forming a bullish crossover and a buy signal in the chart below: 1D, 3D, 1W, 2W, 3W and 1M (clockwise). Such a signal could mean that the train has left the station.
Bitcoin reclaimed $30,000 | BTCUSD on TradingView.com
Are the Stars Aligning to a Bitcoin Bull Run?
Similar to the alignment of the stars, people expect something special. Like a locomotive, most key time frames that signal increasing momentum could mean Bitcoin is picking up steam.
And once that starts and the train leaves the station, boarding isn’t quite as easy. However, it is not yet entirely clear whether this phase has already started or whether the train still has a few stops before it reaches its final destination.
In contrast, the weekly LMACD crossover could fail, causing the monthly crossover to follow and diverge to the downside. At this point, things could get tough for crypto and bullish crossovers could become seriously jeopardized on shorter time frames. Anyone currently on board the train would most likely be disappointed.
What do you think? Did the train leave the station in bitcoin?
This chart originally appeared in CoinChartist (VIP) Issue #9. Get 10% off an annual subscription through this link: https://coinchartist.substack.com/NEWSBTC
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