Bitcoin set a new all-time high this week as many of our key quant indicators had been suggesting it could for the past few weeks.
Although we haven't seen the type of follow-through above 108,000 that I hoped for, things still look good for more Bitcoin upside.
Source: Tradingview.com
So today I am going to give an important update about our indicators at Biyond and what they are saying.
Before I begin I want to let you know that Biyond has launched a new indicator called Challenger. Later today I will be giving an educational webinar on Biyond Challenger.
Source: Biyond.co
In short, Challenger is a contrarian indicator that highlights overbought and oversold conditions using Fibonacci-based trading data.
Starting with Biyond Atlas, this indicator has been the standout this week and finally issued a strong buy signal a few days ago after moving into the Green zone.
Source: Biyond.co
The gentle descent down into the Green zone has perfectly aligned with the steady rise in Bitcoin (inverse indicator) and of course the U-turn from the lows of the year.
We also saw the Biyond Vanguard weekly time frame turning Green for a third week this week, suggesting Bitcoin remains a Straight Up Buy.
Source: Biyond.co
Now we find ourselves in "The Goldilocks scenario" for Bitcoin with both Atlas and Vanguard flagging strong Buy signals.
As for Ethereum, we are seeing a distinct lag in regards to how it looks on our indicators compared to Bitcoin.
Source: Biyond.co
Biyond Atlas is very close to the Green Zone, but hasn't quite crossed into this much-hallowed Green territory yet.
Biyond Vanguard is Blue on the Weekly time frame for Ethereum, but not yet Green. This should be interpreted in terms of prepare to Buy, rather than Buy now.
Source: Biyond.co
Overall, things look very good for Bitcoin based on what our flagship indicators are suggesting much more upside to come. If that happens it's only a matter of time before ETH and other alts play catch-up.
I'd suggest keeping a close watch on Biyond Atlas next week. A continued gentle descent into the Green Zone remains the absolute best-case scenario for Bitcoin.
