$37,000 is last chance saloon for BTC
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged around the $45,000 mark on Wednesday, with no clear direction on lower timeframes.
A dip to $44,200 earlier on the day reversed upwards, but the pattern for the pair remained a cycle of lower highs on the hourly chart.
Therefore, Cointelegraph contributor Michaël van de Poppe concluded, a higher low construction marking a corrective phase could appear “quite quickly.”
“The most obvious case for the markets right now is that we’re going to have that corrective move somewhere towards the region of $39,000-$42,000,” he said in his latest YouTube update.
Van de Poppe added that the line in the sand for bulls was around $37,000, this marking the last higher low construction supporting Bitcoin in its current trading zone.
A “crucial breaker” to the upside, he subsequently said, was the $45,600 area, which at the time of writing was just several hundred dollars away.
MACD back for first time since Bitcoin all-time highs
Zooming out, and context provided bulls with some much-needed respite thanks to one key indicator flashing “buy.”
That came in the form of the weekly moving average convergence/ divergence (MACD) tool, which as of Aug. 8 had flashed green for the first time since Bitcoin was at its all-time highs of $64,500 in April.
MACD is a classic interpreting method for charting an asset’s overall trajectory. The last time such a green phase began was in early Q4 2020, corresponding with the springboard for the latest bull run to get going.
As popular Twitter commentator BTC Archive noted last week, a similar green event in 2019 led to considerable price appreciation.