This week Bitcoin really started to explode higher as the excitement over a coming futures ETF and pending spot ETF drove the price of BTC to a fresh 2023 trading high.
Safe haven asset classes for a brief period of time looked like they could explode going into the new trading week as the threat of a civil war in Russia loomed.
That threat appears to have passed for now, leaving the door open for more BTC gains next week. BTC also has an air of invincibility around now as dips are short-lived and new highs appear easy.
Trading is often like poker. Meaning that you play the person opposite you and you play big when the odds are stacked in your favor.
That's how I feel about going Long Bitcoin, and that's why I recently went Long at $26,500 as I felt the risk-reward opportunity and the entry.
With that said, let's take a look at some leading and trending indicators for BTC and why I think gains in ETH could even outpace BTC.
Starting with the new Biyond Trader Vanguard indicator. Starting with the basics, Vanguard is a trend detection indicator and vital tool designed for the fast-paced crypto market.
The indicator employs a four-color system - Red for strong bearish trends, Orange for bearish inclination, Blue for bullish inclination, and Green for strong bullish trends - delivering essential market behavior insights.
Vanguard is currently flashing Green, meaning a strong Buy signal is in play.
Looking at the Biyond Atlas indicator, the sentiment-based quant mode and a strong Buy signal are currently in play
We know that Biyond Atlas is made in reverse for the lack of a better word. Up means down and down means up.
My immediate observation of this indicator was the tremendous scope the indicator has before it becomes overbought again.
Our Biyond Firefly indicator is also starting to come into its own. This indicator really stands out when we see extreme readings and the reading remains highly elevated. Currently, the +100 reading is indicating extreme bullish pressure remains in play.
And finally, Biyond's own Long/Short ratio shows a heavy bias for shorting Bitcoin.
In such conditions we typically see the market accelerating to the upside until the market flips back into Long mode.
Based on all 4 indicators the diagnosis is clear. More upside for Bitcoin should be expected in the coming weeks.
Now we get to Ethereum. ETH has somewhat broken higher, but nowhere near the extent that Bitcoin has.
Three heavyweight indicators are currently showing me that this is the beginning of a much larger price move to come.
Firstly, ETH Token Age Consumed registered a monster uptick this week. In fact, it was the largest this week.
Secondly, ETH Dormant Coin movement has been wild and is consistent with previous up moves across a variety of age groups.
And thirdly, Sentiment is extremely negative toward ETH. All the conditions are here for a major move.
Technically my chart is showing me a 3-step move. I am expecting $2,400, then a pullback to $2,100, then a rally to $3,000. You heard it hear first.
Overall, the crypto market looks set to explode higher over the coming weeks and months as predicted in last week's article, a huge trending coming move is upon us.
