Bitcoin’s recent price action has pushed the momentum to positivity on almost every significant time frame: from the daily day all the way up to the month.
If these signs are confirmed with the monthly close of June, the train may have officially left the station when it comes to the next cryptocurrency round.
BTCUSD momentum is accumulating across multiple timeframes
Imagine that a train has come to a complete stop. It’s much easier to get on the train because it’s not running, and before it picks up steam. The momentum starts slowly, and once the train really starts rolling, it picks up a seemingly unstoppable momentum. Deceleration requires strength, time and distance before it can stop again. Getting into the path of a train can be dangerous.
If bitcoin price continues to climb till the end of June, a bullish momentum consolidation would confirm across almost every significant time frame from daily to weekly to monthly.
This is according to the LMACD, which in the chart below shows the following timeframes that are a bullish cross and a buy signal: 1D, 3D, 1W, 2W, 3W and 1M (clockwise). Such a signal may mean that the train has left the station.
Bitcoin has reclaimed $30,000 | BTCUSD on TradingView.com
Are the stars aligned for a bullish trajectory for bitcoin?
Much like when the stars line up, people expect something special, the majority of important timeframes that point to a momentum consolidation could mean like a locomotive, Bitcoin is starting to gain steam.
Once that starts, and the train leaves the station, it’s not very easy to get on a ride. However, it is not entirely clear if this stage has begun, or if the train has a few more stops before it proceeds to its final destination.
Conversely, the weekly LMACD cross may fail and cause the monthly cross and divergence to follow lower. At this point, things could get shady for the cryptocurrency and put the lower time frame bull crossovers at serious risk. Anyone on the train is likely to end up disappointed.
what do you think? Did the train leave the station in Bitcoin?
This graph originally appeared in CoinChartist Version 9 (VIP). Gets discount 10 Subscribe for one year with this link: https://coinchartist.substack.com/NEWSBTC