{"id":535960,"date":"2023-05-31T19:03:15","date_gmt":"2023-05-31T19:03:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=535960"},"modified":"2024-06-11T07:08:11","modified_gmt":"2024-06-11T07:08:11","slug":"why-this-is-the-most-important-bitcoin-chart-youll-see-this-week","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-this-is-the-most-important-bitcoin-chart-youll-see-this-week\/","title":{"rendered":"Why This Is The Most Important Bitcoin Chart You’ll See This Week"},"content":{"rendered":"

Bitcoin price action is at an impasse. Bulls and bears are divided as to what happens next, leading to months of consolidation<\/a>. It could all come down to the next few days, according to the most important BTCUSD price chart you’ll see this week.<\/p>\n

The chart shows just how critical the stalemate in crypto markets is currently, and why this week could be the end of the indecision.<\/p>\n

Bitcoin Momentum Takes A Pause, But What’s Next?<\/h2>\n

In technical analysis, the velocity of price increases or decreases can be measured by momentum. Various tools exist that get the job done, including the Moving Average Convergence Divergence indicator. The tool is designed to give overbought and oversold signals, plus buy and sell signals based on crossovers of the signal and MACD lines. Passing through the zero line is also an indication of momentum strengthening, as well as the underlying trend.<\/p>\n

Related Reading: Bitcoin Price Double Fractal Points To \u201cExtended\u201d Parabolic Rally<\/a><\/div>\n

It is for all these reasons and more that the chart below is so important. The chart consists of BTCUSD on the one-week timeframe. Underneath the price action is the LMACD \u2013 a logarithmic version of the MACD. The log version allows more comparative analysis between long-term cycles. At just a glance, it is easy to see that the tool appears ready to cross downward, generating a sell signal.<\/p>\n

\"BTCUSD_2023-05-31_07-31-31\"<\/p>\n

The inflection point is visible in the LMACD | BTCUSD on TradingView.com<\/a><\/pre>\n
Below The Zero Line: Doom Or Redemption?<\/h2>\n
What’s worse is the fact the sell signal will occur alongside a failure to hold above the zero line on the LMACD. Such a sign of momentum failure would more than likely lead to a retest of current bear market lows across crypto. However, the D in the indicator’s name stands for “divergence.” Signals are generated based on the tool converging or diverging. Diverging upward in Bitcoin, could send the crypto market blasting off higher instead.<\/p>\n
Related Reading: Down But Not Out: The One Line Bitcoin Must Hold To Be Bullish<\/a><\/div>\n
But beware. It is possible that both situations could happen before the week’s end. The LMACD could cross down and turn the histogram red for the first time in 2023 and shake out those eager to jump the gun on the sell signal. After the shakeout, the tool could diverge up before close and continue to push momentum and price to new highs. Alternatively, the tool could diverge upward at this inflection point, only to later cross back down. What is for certain is that the current lack of a decision in price direction is about to end, according to the LMACD.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price action is at an impasse. Bulls and bears are divided as to what happens next, leading to months of consolidation. It could all come down to the next few days, according to the most important BTCUSD price chart you’ll see this week. The chart shows just how critical the stalemate in crypto markets is currently, and why this week could be the end of the indecision. Bitcoin Momentum Takes A Pause, But What’s Next? In technical analysis, the velocity of price increases or decreases can be measured by momentum. Various tools exist that get the job done, including the Moving Average Convergence Divergence indicator. The tool is designed to give overbought and oversold signals, plus buy and sell signals based on crossovers of the signal and MACD lines. Passing through the zero line is also an indication of momentum strengthening, as well as the underlying trend. Related Reading: Bitcoin Price Double Fractal Points To \u201cExtended\u201d Parabolic Rally It is for all these reasons and more that the chart below is so important. The chart consists of BTCUSD on the one-week timeframe. Underneath the price action is the LMACD \u2013 a logarithmic version of the MACD. The log version allows more comparative analysis between long-term cycles. At just a glance, it is easy to see that the tool appears ready to cross downward, generating a sell signal. The inflection point is visible in the LMACD | BTCUSD on TradingView.com Below The Zero Line: Doom Or Redemption? What’s worse is the fact the sell signal will occur alongside a failure to hold above the zero line on the LMACD. Such a sign of momentum failure would more than likely lead to a retest of current bear market lows across crypto. However, the D in the indicator’s name stands for “divergence.” Signals are generated based on the tool converging or diverging. Diverging upward in Bitcoin, could send the crypto market blasting off higher instead. Related Reading: Down But Not Out: The One Line Bitcoin Must Hold To Be Bullish But beware. It is possible that both situations could happen before the week’s end. The LMACD could cross down and turn the histogram red for the first time in 2023 and shake out those eager to jump the gun on the sell signal. After the shakeout, the tool could diverge up before close and continue to push momentum and price to new highs. Alternatively, the tool could diverge upward at this inflection point, only to later cross back down. What is for certain is that the current lack of a decision in price direction is about to end, according to the LMACD. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":535972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-535960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy This Is The Most Important Bitcoin Chart You'll See This Week<\/title>\n<meta name=\"description\" content=\"Bitcoin price action is at an impasse. Bulls and bears are divided as to what happens next, leading to months of consolidation. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why This Is The Most Important Bitcoin Chart You’ll See This Week","url":"http:\/\/uniquehot.com\/news\/why-this-is-the-most-important-bitcoin-chart-youll-see-this-week\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-this-is-the-most-important-bitcoin-chart-youll-see-this-week\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1220192772.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1220192772.jpg?fit=2121%2C1414"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2023-05-31T19:03:15Z","datePublished":"2023-05-31T19:03:15Z","dateModified":"2024-06-11T07:08:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why This Is The Most Important Bitcoin Chart You’ll See This Week\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-this-is-the-most-important-bitcoin-chart-youll-see-this-week\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-this-is-the-most-important-bitcoin-chart-youll-see-this-week\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1220192772.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1220192772.jpg?fit=2121%2C1414\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2023-05-31T19:03:15Z\",\"datePublished\":\"2023-05-31T19:03:15Z\",\"dateModified\":\"2024-06-11T07:08:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1220192772.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/535960"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=535960"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/535960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/535972"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=535960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=535960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=535960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}