Bitcoin and crypto have been stuck in a holding pattern, but there might be a push forward soon according to one Bitcoin analyst. Covered: Bitcoin Stability Kumo Cloud Bitcoin: Good Things To Come Bitcoin has been actually fairly steady lately, believe it or not. In the last 14 days, it’s been trading between 35-44k USD. […] The post Analyst Says Brighter Days Are Ahead For Bitcoin As Long As This Happens appeared first on CryptosRus.

Analyst Says Brighter Days Are Ahead For Bitcoin As Long As This Happens

Bitcoin and crypto have been stuck in a holding pattern, but there might be a push forward soon according to one Bitcoin analyst.

Covered:

  • Bitcoin Stability
  • Kumo Cloud

Bitcoin: Good Things To Come

Bitcoin has been actually fairly steady lately, believe it or not. In the last 14 days, it’s been trading between 35-44k USD. We’ve seen a ginormous wick up and a not as ginormous wick down, but other than that, Bitcoin has languished in and around $36,000 for the last 14 days.

It might not feel like it but things are fairly steady right now in Bitcoin world. As equities continue to fall Bitcoin seems to have found its bottom. So, is this a sign of good things to come?

If you compare the bear market of 2018 to what’s happening right now, it might be according to Bitcoin analyst TechDev.

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Kumo Cloud

Chart provided to cryptosrus.com by Techdev

“As I’ve discussed before, I view Bitcoin as having been in a correction since early 2021,” said TechDev. The analyst had pointed out before that Bitcoin, after hitting the top of an impulse in early 2021, the rest of the year had essentially been a correction. Even though technically we saw a new all-time high in November, it wasn’t a part of a new impulse up.

Understanding this helps differentiate between what’s happening now and the 2018 downtrend, said TechDev: “To me, there are notable differences between it and the 2018 “bear market”, which was also a year+ correction.”

The notable differences include a downtrending “zig-zag” and Kumo cloud, which are both pictured above in the chart above. The downtrending “zig-zag” he points is still valid “so long as we do not close a weekly candle below 29K,” he said.

On the Kumo cloud, TechDev said, “2018 blew right through a vertical twisted Kumo, which offered no support,” while, “Today’s correction is currently finding support on a flat, much healthier-looking cloud, with a profile similar to late 2020.”

For this positive trend to continue and become an impulse a couple of things need to happen though. One, a weekly close over 41-42k could signal the next HTF impulse. Two, weekly closes above 34k to hold above the bottom of the Kumo.

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For more TechDev, make sure to check out his newsletter. Also, follow him on Twitter for the latest, greatest technical analysis.

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The post Analyst Says Brighter Days Are Ahead For Bitcoin As Long As This Happens appeared first on CryptosRus.