$ADA
Cooling DownSnapshot Window: 2026-07-23 09:00 UTC · ← Back to Crypto Overview
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Bitcoin looking almost almost bullish again! [Spoken audio]: Bitcoin actually is looking kind of bullish if you zoom out on the chart. This is the weekly timeframe for Bitcoin. So we're looking at almost a full year's worth of price action and we find ourselves in this descending wedge that is forming on this macro scale that we're looking at for Bitcoin. And descending wedges almost always break out to the upside. The breakout target of this would be about 120 or so, $412,000, you get that by measuring the triangle at its thickest point and putting out at where the breakout would be, we don't have that yet. So if Bitcoin's price continues to chug along, even if we do fall a bit here, but once Bitcoin gets above this line of resistance, it does look like Bitcoin is likely to start that end of a bear market officially beginning of a bull market rally. I also wanna point out two other things. One is the MACD you see here at the bottom is clearly slanting upwards, while price is still going down or holding. This is called bullish divergence. It is a sign to you that the market's really getting close to trying to rebound here. It can still take a little bit of time to start to see that rebound, but when you see bullish divergence on a long-term timeframe and it's in a TA pattern that tends to break to the upside, you gotta start saying to yourselves, we're definitely closer to the end of this bear market than maybe some people are personally thinking. The last thing I wanna point out to you is this yellow line here. This yellow line is the 300 week exponential moving average. Excuse me, the 300 week simple moving average, not exponential simple moving average. And in previous bear markets, we have always touched it or dipped below it by just a little itsy bitsy baby bit. And as you can see, we're very, very close to this. So maybe Bitcoin comes down and we touch this at $55,000. That could also be the bottom area or maybe a little bit of a higher low or a double bottom, right? We could see a bullish bottom formation form within our descending wedge. Touch this very significant macro bear market line for Bitcoin and then start to see a breakout here based on what we're seeing across our bullish divergence. And now let me show you how this line has interacted with Bitcoin in the past. So in the previous bear market, this section here, we actually didn't touch it, but then we touched it again about six or five months later. This here in the most previous bear market as well, we touched it dipped just below it and then we launched upwards. But as you can see, any buying near, at or below this line ended up being really good dollar cost average opportunities for Bitcoin. You would have made quite a bit of money.