Three indicators point to the same signal regarding Bitcoin: a bullish or bearish trend?

Crypto analyst Ali Martinez stated that a macro-level bottom may have formed in Bitcoin, noting that three long-term technical indicators are pointing in the same direction.

Martinez stated that a TD Sequential buy signal formed on Bitcoin's monthly chart. According to the analyst, this rare signal successfully pointed to a market bottom in 2022. Martinez suggested that the current signal could similarly point to a new cyclical bottom.

A second factor noted by the analyst was Bitcoin's proximity to its 50-month simple moving average (SMA). Martinez noted that this long-term support level has intersected Bitcoin's price at numerous significant market lows since 2014. Therefore, he argued that the current level could be a historically strong support zone.

Related news: US Nonfarm Payrolls Data Commented on by the Person Closest to the Federal Reserve!

The third indicator highlighted was the Chande Momentum Oscillator (CMO). According to Martinez, the CMO fell to -71. It was noted that the indicator last reached these levels in June, when Bitcoin's price fell to approximately $57,000.

The Chande Momentum Oscillator measures the relative strength of upward and downward price momentum over a given period of time. The indicator is used to assess whether the market is overbought or oversold, as well as to evaluate the strength of the current trend. Historically, relatively low CMO levels have sometimes coincided with significant Bitcoin lows.

Martinez stated that when these three long-term indicators are considered together, the technical outlook for a possible macroeconomic baseline for Bitcoin is strengthened. However, these indicators are based on past price movements and do not, by themselves, guarantee future price movements.

Source: https://cryptonews.net/ru/news/bitcoin/33265239/