Last week I discussed the possibility of a major upside move according to my interpretation of Biyond's various indicators, rather than via my usual technical perspective.
My exact words were "Our indicators look good for a minimum price retrace next week, and we could (dare I say it) be on the cusp of a major upside price breakout after weeks of hoping and waiting".
The summary I gave appears pretty accurate based on what unfolded this week. So what are Biyond's indicators saying now?
Source: Biyond.co
Starting with my favorite, Biyond Vanguard and all signs are positive for more short-term upside as the 3-day time frame is still Green.
A fun fact. The recent 3-day Green candles (buy signal) is the strongest and longest consecutive combination since the early year post-ETF bull run.
Source: Biyond.co
Now to the weekly time frame. When will the most watched time from on Biyond Vanguard finally turn Green?
I had predicted $69,000, but we got to this area this week and no new Green candle has emerged yet.
The highest price close of the year or ever in fact for Bitcoin is $71,280. If we closed the weekly above this area and no buy Bitcoin weekly signal emerges, I would be shocked.
Source: Biyond.co
Moving on to Biyond Atlas and we are inches away from the Green buy zone, after the indicator moved under 100.
Being an inverse indicator as Atlas moves lower it means bullish momentum is picking up. This is exactly what we are seeing now.
Just to build some hype for next, the last time we moved into the green zone for Atlas Bitcoin went from $50,000 to $70,000 in record time.
Source: Biyond.co
And finally, we move to the Long Vs Short ratio.
As far as I can tell we are currently in the worst short squeeze this year.
It is a good sign that Binance Global traders are entrenched in shorts at the worst possible time.
The only concern would be a sharp correction could happen if a bearish change of sentiment happened.
Source: Biyond.co
Overall, all our indicators are pointing to the potential for another great week ahead for Bitcoin.
Just how great it could be for Bitcoin actually comes down to Atlas and Vanguard weekly moving into Green. This would likely signal major bullish momentum and massive gains ahead.
