Bitcoin Sees 2 Consecutive Heikin Ashi Signals On The Weekly Chart, What This Means
11 September 2024 - 7:00AM
NEWSBTC
Crypto analyst Jesse Olson has highlighted the second consecutive
Heikin Ashi signal on the Bitcoin (BTC) weekly chart. This comes
despite Bitcoin’s recent rise to as high as $58,000, which suggests
that a bullish reversal might be on the horizon. What The
Heikin Ashi Signal Means For Bitcoin While highlighting the second
consecutive Heikin Ashi on Bitcoin‘s weekly chart, Olson also noted
that there was no wick to the upside, which suggests that the
downside trend is likely to continue. The crypto analyst had also
previously explained how the absence of a wick to the upside
signals a strength in momentum to the downside. Related Reading:
Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s
When Based on Olson’s accompanying chart, Bitcoin could suffer
further downward pressure and drop to as low as $40,000. This
bearish analysis comes amid Bitcoin’s recovery as its price rose to
$58,000 in the last 24 hours. Although it remains to be seen
whether it is a relief bounce or a bullish reversal, Olson’s
analysis suggests that it is more likely a relief
bounce. However, crypto analyst Daan Crypto has
suggested that Bitcoin needs to successfully break above $60,000 to
achieve a bullish reversal and aim for new highs in this market
cycle. Meanwhile, contrary to Olson’s bearish analysis, crypto
analyst Mikybull Crypto has provided a more bullish outlook for
Bitcoin. In an X (formerly Twitter) post, the crypto analyst
stated that Bitcoin has completed the bullish diamond formation. In
line with this, Mikybull Crypto remarked that he believes the
bottom is in for Bitcoin if the bull market is still on. In
another X post, Mikybull Crypto highlighted a bullish divergence
recently formed on Bitcoin’s chart, similar to one in September
2023. Following the bullish divergence in September 2023, BTC
experienced a significant rally, which ultimately paved the way for
reaching a new all-time high (ATH) in March earlier this year. As
such, something similar could happen again as Bitcoin tries to
reach new highs. BTC’s Price Rally Could Begin After
September Considering Bitcoin’s historical bearish trend in
September, the crypto community is optimistic that BTC could begin
its long-awaited price rally once this month is over. In a recent
analysis, crypto analyst Rekt Capital explained why the flagship
crypto would likely record massive gains in October. Related
Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price
To $3,000 The crypto analyst noted that Bitcoin’s only monthly
losses in October were in 2014 and 2018, when it recorded monthly
losses of -12.95% and -3.83%, respectively. He added that those
were bear markets. However, Bitcoin is in a halving year,
historically ushering in the bull market. As such, BTC could enjoy
a bullish ride in October and even to the end of the year,
especially with the upcoming US presidential elections in
November. At the time of writing, Bitcoin is trading at
around $56,600, up over 3% in the last 24 hours, according to data
from CoinMarketCap. Featured image created with Dall.E, chart
from Tradingview.com
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