Is history repeating itself in Bitcoin? Here is the indicator to follow

Cryptocurrency News - When we look at the weekly Bitcoin chart, to be honest, there hasn't been much change in a day. However, we are initiating a potential bearish crossover in the weekly MACD indicator. We need to see a weekly candle close to confirm this bearish outlook. We have approximately 4 days left until we see the weekly candle close.

Popular analyst Crypto World says that fundamentally we should see a bullish outlook within the next 4 days. If we encounter a reasonable upward bounce, we can prevent this weekly transition. If we can really prevent the downward crossover in the weekly Bitcoin MACD indicator, we believe that we will experience a similar chart outlook to what we encountered about 1 year ago.

Confirming the downward crossover in the weekly MACD indicator will not only affect short-term performance. We may also deviate from bull market conditions in the long term. On the other hand, we need a breakout in the range of $100,000 to $107,000 to confirm that we are truly moving in a bull market.

If we see an uptrend in Bitcoin price in the next 1 to 2 weeks, it could mean a reversal of the bearish outlook. Creating a new peak, especially in the RSI indicator, would be a very positive development for the Bitcoin price. However, if we don't encounter any signs of an upward trend in any indicators within 1 or 2 weeks, we can say that we have entered a dangerous zone in the long term.

Investors Can Follow This Strategy

The Crypto World, as always, argues that the downward or upward movements are not very important for crypto investors. Because it says investors can make a profit in both conditions. It states that profit can be made from long positions when the price is rising and from short positions when the price is falling.

The analyst predicts that Bitcoin could pull back to a support range of $96,000 to $95,000 in the next few hours. This range was previously a strong resistance area, but has now turned into a support range. However, in the worst case scenario in the long term, it expects a test of $91,000. It does not anticipate any close below $91,000.

"I do not expect the price to go below the lowest point. At least in the next few days or weeks, around $91,000, probably in the longer term, the price can trade at this point. In the short term, as I mentioned before, we may still see a little more downward trend in price movement."

In addition to the negative news flow, there have also been positive developments. Bitcoin and crypto funding rates are still negative or neutral. The neutral funding rate is 0.01%, resembling more of a bull signal than a bear signal. This means that we may catch an upward momentum from the support levels. However, we need to proceed cautiously in the short term. There are not many signals pointing upwards.

Ethereum Price Moves Around Critical Support Level!

Looking at the Ethereum price, it appears to be testing a break below the critical Fibonacci support level of $2,700. The Crypto World says we need to see at least a 3-day candle close below this support level to confirm a breakdown below it. If a breakdown occurs below this level, we could even test the $2,200 to $2,100 levels. Additionally, there is some support around $2,650.

"The price of ETH will likely exhibit a trend similar to Bitcoin's. Therefore, if Bitcoin continues to pull back a bit in the short term, Ethereum will likely be in a similar trend. If Bitcoin moves sideways, Ethereum will do a similar thing."

In short, we need to closely monitor the Bitcoin chart to analyze the next direction in Ethereum. Assets are not expected to make the same move, but they may be in a similar trend.

**The information in the text is purely for informational purposes. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.

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