This Is A Perfect Price Action For Bitcoin Price, Claims Top Economist – Here Is What It Means
The post This Is A Perfect Price Action For Bitcoin Price, Claims Top Economist – Here Is What It Means appeared first on Coinpedia Fintech News
The world’s largest cryptocurrency, Bitcoin price hit a nine-month high yesterday on March 14 after the currency peaked at $26,000. This massive surge was witnessed after the release of the US Consumer Price Index which claimed a drop in inflation rate. In Fact after Bitcoin hit the above target, the overall crypto market claimed a massive bull run.
However, today March 15, the flagship currency has flipped below $25,000 area and is now trading at $24,933 with a fall of 4.17% over the last 24hrs.
Meanwhile, a closely followed economist known as Alex Kruger is claiming a bullish stance towards the star cryptocurrency. The economist, while he addresses his 151,000 Twitter followers, asserts that Bitcoin is currently on a perfect price action. This comment comes while he points towards Changpen Zhao’s Bitcoin chart.
If CZ painted this chart, he then must be one of the best painters in the history of bitcoin, as charts rarely get more picture perfect bullish than this pic.twitter.com/UTIwbVcdFl
— Alex Krüger (@krugermacro) March 14, 2023
Top Indicators Point For Bullish Bitcoin Price
Next, in his Twitter thread, the trader and analyst gives out why he believes Bitcoin’s present price action is bullish. As he lists his reasons, Kruger also lays out long-term indicators that are flashing green that includes multi month long consolidation, bounce off the 200 dma and higher low on high volume among others.
– multi-months long consolidation
– momentum indicators turning
– a bottom with max historical volume
– higher low on very high volume
-engulfing candle on even higher volume
– bounce off the 200 dma
– top of range coincides with 200 wma
– air pocket volume wise above
— Alex Krüger (@krugermacro) March 14, 2023
Moreover, Alex Kruger is of the opinion that Federal Reserve’s upcoming decision on interest rate hikes will majorly determine Bitcoin’s price action.
The Fed should determine the direction
The chart illustrates the path of least resistance
— Alex Krüger (@krugermacro) March 14, 2023
Before the strategist winds up his analysis, Kruger gives out his prediction for the year 2023 where he is confident that inflation and interest rates are set to be positive for the cryptocurrencies.
Highest odds path ahead
– CPI in line
– FOMC 25bps
– FOMC shifts focus from dots to banks
– Last brick in the short-term wall of worry lifted => strong April
– Inflation starts falling more than expected by mid year
– Happy ending 2023
Source: me
— Alex Krüger (@krugermacro) March 13, 2023
However, this can only be proved after the Federal Reserve’s next meeting which is scheduled on March 21. At present it is important for Bitcoin price to maintain its price action above $24,000 and claim its next resistance of $25,000.
Filed under: Bitcoin - @ March 15, 2023 2:26 pm