The Bitcoin Weekly Supertrend has just flashed green after over 12 months of red, this has historically caused at least a 130% rally.

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The Bitcoin Weekly Supertrend has just flashed green after over 12 months of red, this has historically caused at least a 130% rally.

Another day of this Crypto upturn and another Bitcoin indicator that had been red for this whole bear market has just flashed green again. This time it is the Weekly Supertrend. I had already made a post about the 3-day Supertrend which flashed green last week and has been a very significant resistance this bear market (here) and now an even higher time frame of this indicator has flashed green. Also the higher the time frame of this indicator the bigger its influence.

The Weekly Supertrend is about the highest you can go, as the monthly already is very lagging behind the price (but even that we could break this month with a close above $22.9k). Now with the weekly close of BTC this week at $22.971k we have officially broken above this crucial trendline that has historically been a consistent indicator for rallies. The average of those rallies being 1608% and the lowest one (since 2013) being 130% just last year in November.

Chart from matthewhyland on Twitter

Here you can see the visualisation of this breakthrough and its also pretty interesting to note that in comparison to the 3-day Supertrend, which we had as an active resistance, we did not even get near to touching this trendline and now for the first time in 13 months we touched this and directly broke above it. Demonstrating the exceptional strength of this rally.

Just for the hopium, a 130% rally which is the lowest that has been caused by the flip of this indicator would bring the BTC price to a staggering $52.6k, which is indeed a very generous rally and I am sure we would be happy by even half of that.

submitted by /u/partymsl
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