The list is really getting long right now and we have another one to add. The 40% rally that Bitcoin went through this month has reseted many indicator to turn bullish again after most of those were in bear market territory for the past year or even more, for example the Supertrend, MACD, Relative Strength and much more. Another one to add to this list, that is one of the more reliable ones is the Volume-based Linear Regression trend. This trendline is much like the MACD visually and very dependent from the volume that flows into the markets. This TA tool shows when we are in a more serious downturn which does not have to be a bear market but can also be a smaller correction like in May 2021, where it also flashed red. Here is the current state of it: It is also important to note that this trend line was able to correctly confirm the bottom formation in 2018 and stayed in the red for about the same period for that bear market, actually the exact same period. In 2018 as in 2022 the trend stayed for exactly 378 days in the red, crazy coincidence. For many this may seem like just another crazy trend to flash green and it may actually be but its still a very strong signal that those trends are exactly now flashing green, I donβt want to give any hopium but they did not flash green during our bear market rally last year in August or not many bottom indicators flashed during the LUNA implosion but exactly now. [link] [comments] |
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