Bitcoin price is back at $ 50,000 and until either the support at $ 30,000 is broken down or a new all-time high is set, the direction of the market won’t be as clear-cut.

Basically, the network continues to grow and the mood in the field of cryptocurrency remains high. Even better for bulls, here are five outrageously bullish charts full of technical signals that suggest the bulls are very little afraid of what may come in the months ahead.

Five Bitcoin Price Charts That Support New ATHs

Weekly RSI stays in the bull zone | Source: BTCUSD on TradingView.com

To start with the easiest chart to read, we present the weekly Relative Strength Index. The currently leading cryptocurrency by market capitalization has just recaptured the de facto line between a bull phase and a bear phase.

For those looking for evidence of a bear market, you won’t find it on the graph above. After peaking in December 2017, Bitcoin price plunged below the line immediately to fuel the recent bear market. The weekly RSI is again above this line – which was lost after the high in December 2013 and a bear market set in.

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Parabolic SAR and Elliott Wave support further uptrend | Source: BTCUSD on TradingView.com

The weekly LMACD has also gone bullish recently, but comparisons with previous bull markets aren’t as straightforward. If anything, there are more similarities with the 2013 cycle compared to 2017, where the indicator never fell below zero after moving above it. Bitcoin price action has currently pushed momentum back above zero and is currently being bullishly exceeded.

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A parabolic curve supports the price movement in all examples above and below. Also in the graph directly below, the Ichimoku shows that the Bitcoin price movement has broken through a steep and thin cloud in past bearish phases, while the price movement today is well above the cloud in the weekly timeframe.

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BTCUSD is well above the cloud | Source: BTCUSD on TradingView.com

Another bullish impulse would cause another steep rise in the cloud that the cryptocurrency could later break through to begin the next bearish cycle. But according to the indicator, that is probably still many weeks away. However, according to Ichimoku, not all is rosy.

Bitcoin is currently above the baseline (Kijun-Sen) and the conversion line (Tenken-Sen), but the two lines are still crossed bearishly. A bull’s cross powered by another impulse might do the job.

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The Bollinger Bands curl upward as they curl above the middle SMA | Source: BTCUSD on TradingView.com

The Bollinger Bands on weekly time frames also suggest that another bullish impulse may come soon. Prior to past pulses, the lower bands curled up before expanding in either direction, with price action passing the middle SMA and then climbing the upper band to local highs. Another spike in the bands after a third major upward spike could be the final trip to the latest bull market high.

Elliott Wave International recently shared a video discussing Bitcoin and a possible fifth wave. Enclosed with the video was a detailed explanation of the study comparing the Elliott Wave Theory with a “roadmap” that could potentially be followed.

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Parabolic SAR and Elliott Wave support further uptrend | Source: BTCUSD on TradingView.com

If Bitcoin price really finishes corrective wave four and is about to enter a fifth wave impulse, it would be the grand finale for this cycle.

As an additional measure, the Parabolic SAR is switched on, highlighted in green to indicate that a new uptrend may be in its early stages. But the real meat and potatoes of the chart are the waves and their structure.

From the point where Bitcoin slumped to bear market lows to both of the major local highs since bottoming, we have a potential target where a fifth wave could end. According to Elliott Wave Theory, waves two and four alternate in length and gravity, and the third wave is typically the longest, strongest, and easiest to spot.

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Wave five is usually about the same length as the first wave in terms of power and duration – and also happens to be in the middle of the cycle with the previous pullbacks. If this is correct, the cryptocurrency could run from below $ 30,000 325% or higher, bringing the high of this cycle to around $ 125,000-150,000 per BTC.

However, the fifth wave can extend and reach or even exceed the length of a third wave, so any outcome is really possible with an asset with so much potential application.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. The content is educational and should not be viewed as investment advice.

Featured image from iStockPhoto, charts from TradingView.com

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