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Bitcoin enthusiasts and investors are on high alert as analyst Mags anticipates a significant change in the cryptocurrency’s direction. Mags suggests that the Hash Ribbon, a Bitcoin indicator, is nearing a buy indication. This indicator, recognized for its precision, has been indicating a downtrend for weeks. In the past, the conclusion of this downward trend has signaled the start of a strong upsurge, fostering hope among traders.
#Bitcoin – Buy Signal Imminent
The Hash Ribbon, one of the most accurate indicators for Bitcoin, is about to print a buy signal soon.
The indicator has been in capitulation mode for the past few weeks.
After the capitulation ends, a buy signal usually follows, leading to a… pic.twitter.com/AQ7Pd3QRc6
— Mags (@thescalpingpro) June 22, 2024
Mags has pointed out that Bitcoin’s price recently dropped below its mid-range, causing concern and strategic discussions among investors. The analyst has identified the upcoming crucial support level, positioned close to the range’s lower end and aligning with the 200-day Moving Average (MA).
This combination of technical indicators emphasizes the significance of monitoring the range low as a pivotal area. If Bitcoin’s price reaches this point, a significant rebound is expected, providing an opportunity Mags labels as a “last chance to buy cheap.”
Analyst Mags Foresees Major Bitcoin Rally
In a previous post, Mags provided more details on the mid-range breakdown, highlighting Bitcoin’s drop below this critical level. The recent surge in price has been completely reversed, indicating a bearish retest on the daily chart. The focus has now shifted sharply to the lower end of the range, specifically at $60,500.
At this point, two possible scenarios could play out: a potential recovery of the mid-range, setting the stage for a push towards the higher end of the range and a potential breakout, or a retest of the lower range, leading to another rebound and an extended period of sideways trading.
Despite the bearish tones of a potential mid-range decline, Mags remains optimistic about Bitcoin’s long-term outlook. The analyst highlights the positivity in both outcomes. If the mid-range is successfully recovered, it would indicate a resurgence in strength.
On the contrary, a retest and rebound from range bottom can form solid base for future growth. After halving event this prolonged sideways move may be considered as necessary consolidation phase to pave way for price hike in future.
Mags highlights the bullish trend in Bitcoin that reflects market downturns as buying opportunities rather than long-term declines of it. Further signifying about an expected Hash Ribbon buy signal is supporting this view thus suggesting that Bitcoin current dip might come before a huge upward move.
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