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Because Bitcoin did not keep $ 100,000 above the psychological barrier earlier this year, it is Bullish Momentum gradually unraveled. The pullback has been deepened for the past two months, with Bitcoin trade between $ 75,000 and $ 79,000 in April. The bullish prospect becomes very weak, and the crypto sector is Looking for technical clarity In the midst of a structure of pressure on traditional markets, especially with shares.
Given the situation, Crypto analyst Tony Severino noticed that the current setup offers an important step that could make an extensive Bearish Momentum invalid.
Tony “The Bull” identifies an important LMACD bending point to reject bearish hypothesis
According to Tony “The Bull” Severino, The most important graph Development is the incoming Bearish crossover on the 1-month LMACD indicator of Bitcoin. The LMACD, which follows the market momentum on a logarithmic scale, is currently showing the blue line that drives to a crossover under the orange signal line.
Related Reading: Crypto CEO reveals why the Bitcoin Bull market is over with crash under $ 80,000
This kind of intention is known that it is an important bearish confirmation, And the appearance has merged with growing weakness in wider markets, including traditional indices such as the S&P 500 and Nasdaq.
Although the crossover has not yet been confirmed by a monthly closure, its presence on open from April is sufficient to generate concern. Severino explained that, unless a significant rally takes place before the end of the month, the blue line will cross under the orange line and Momentum will officially become Bearish. When the month is concluded with the crossover intact, this marks the First confirmed Beerarish Momentum Shift on the LMACD since the bullish reversal in July 2023.
Bitcoin Bulls still have a window to turn the prospects before April ends
According to Tony Severino, this crossover is Not the only reason For the leaning of BEARISH on the Bitcoin process in the medium term, but it is striking as the most precise technical marker that can cause a reconsideration. The crossover is not isolated to the Bitcoin price chart. Severino emphasized that the same Bearish Crossover was already confirmed last month in large indices such as the S&P 500 and the Nasdaq 100. It is interesting that the crossover has already appeared in the BTCUSD versus Gold Chart, which further supports that Bitcoin is no longer in the isolation -pressure.
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Despite the bearish tilt, the situation is not yet final. The current crossover is for the time being, which means there is Still time for bulls To turn the signal. A powerful upward movement this month can lead to the blue LMACD line ranging higher, restore the upward momentum and invalidate the bearish arrangement before it solidifies. The analyst also noticed this possibility of a rebound, taking into account the current over -sold levels. This is because over -sold technical conditions in general create the type of environment where a dramatic reversal is possible.
At the time of writing, Bitcoin acts at $ 77,260, with 2.23% and 8.93% in the last 24 hours and seven days, respectively.
Featured image of Unsplash, graph of TradingView.com
