Bitcoin is close to completing one of it's most volatile trading weeks ever after crashing 10,000 USD, and now is close to posting a positive weekly price close.
BTC is in a much better position and could be on the road to a much wider recovery, as we have been predicting it would.
Source: Biyond.co
At Biyond we had been looking for a huge move this week, and indeed a recovery based on the Demark Buy signal we received on the weekly open.
Moving into the next trading week and our flagship indicators Atlas and Vanguard are improving, but to be very clear they are not yet issuing Buy signals.
Source: Biyond.co
Biyond Vanguard has been improving on the lower time frames very well, and this is A good sign because in the short-term Bitcoin could easily travel to 90,000 next week.
Just to give some context, the Biyond Vanguard 3-day time frame has not yet produced a Buy signal since the 3rd week of January.
Source: Biyond.co
Should we get a 3-day Vanguard buy signal it would signal a major change in bullish momentum for Bitcoin and it would further validate the notion a price floor was formed this week.
Our most reliable Vanguard signal time frame, the weekly timeframe remains Red but is likely to flip to Orange this week according to Vanguard 2.0, which is a better sign.
Source: Tradingview.com
We are projecting that Bitcoin would need to travel well above 90,000 before it changed color to Blue on the weekly, and easily above 100,000 before it turns Green again.
Looking at Biyond Atlas for Bitcoin, and we can see this indicator is once again moving lower this week. But the fact is it remains trapped in the Red zone.
Source: Biyond.co
This is both a curse and a blessing. As it means Bitcoin has huge scope to head higher before becoming overbought (remember it's an inverse indicator), but it also means that bullish momentum has yet to fully kick-in.
Ideally, we need to see Biyond Atlas posting a number below 100 and moving well into the Grey zone.
Source: Biyond.co
Atlas has dropped by over 100 points from the highs of the year, and just yesterday it dropped 11 points. This validates the notion that a major bottom has already formed for Bitcoin.
Source: Biyond.co
The same is also true for Etheruem according to our flagship indicators, with Biyond Vanguard and Atlas looking more bullish for ETH.
Source: Biyond.co
However, with no bonafide medium to long-term buy signal appearing just yet, a degree of short-term caution is still warranted.
Overall, the conventional indicators we use at Biyond such as Demark and Elliot Wave are looking extremely positive, with 90,000 plus indicated in the near-term.
Hopefully, our in-house indicators will soon confirm what we expect to happen with hard buy signals incoming. This would go a long way to validate our theory that Bitcoin and other cryptos are going to hit new all-time-highs in the coming months.
