The latest Bitcoin price action has pushed momentum into the positive on just about every time frame that matters: from today, daily to monthly.
If these signals are confirmed with a monthly shutdown in June, the train may have officially left the station when it comes to the next crypto bull run.
BTCUSD momentum builds over multiple time frames
Imagine a train that has come to a complete stop. It’s a lot easier to get on a train when it’s stationary and before it’s gained momentum. Momentum slowly picks up, and once the train really starts rolling, it picks up seemingly unstoppable steam. Slowing down takes force, time and distance before it comes to a stop again. Getting into the path of the train can be dangerous.
If the Bitcoin price can continue to rise through the end of June, strengthening bullish momentum will confirm itself in almost every major time frame, from daily to weekly to monthly.
That’s according to the LMACD, which shows in the chart below the following time frames forming a bullish crossover and buy signal: 1D, 3D, 1W, 2W, 3W, and 1M (clockwise). Such a signal can mean that the train has left the station.
Bitcoin has reclaimed $30,000 | BTCUSD on TradingView.com
Do the Stars Align for a Bitcoin Bull Run?
Just like when stars align people expect something special, most major time frames indicating strengthening momentum can mean like a locomotive, Bitcoin is starting to pick up steam.
And once that starts and the train leaves the station, it’s not that easy to get on for a ride. However, it is not yet entirely clear whether that phase has begun, or whether the train still has a few more stops to make before heading to its final destination.
In contrast, the weekly LMACD crossover may fail and cause the monthly crossover to follow suit and diverge downward. At that point, things could become unpredictable for crypto and seriously jeopardize bullish crossovers in a lower time frame. Anyone currently aboard the train would most likely be disappointed.
What do you think? Has the train left the station in Bitcoin?
This chart originally appeared in Issue #9 of CoinChartist (VIP). To get 10% off an annual subscription with this link: https://coinchartist.substack.com/NEWSBTC