Viewpoint: Bitcoin Macro Bottom May Be Forming as Three Key Long-Term Indicators Signal Cycle Bottom

BlockBeats News, August 7th: Cryptocurrency analyst Alicharts published a lengthy article stating that the macro bottom of Bitcoin may have already formed. The reasons include the following three points:

1. A TD Sequential buy signal has appeared on the Bitcoin monthly chart. This signal is relatively rare and has successfully marked the 2022 market bottom. It may now be pointing to a similar bottom.

2. Bitcoin is hovering around the 50-month simple moving average. Since 2014, this multi-year support level has coincided with significant market bottoms multiple times.

3. The Chande Momentum Oscillator (CMO) has dropped to -71. The last time it reached this level was in June (when Bitcoin fell towards around $57,000). Historically, such low readings often coincide with major bottoms.

Note: The Chande Momentum Oscillator is used to measure the relative strength of price momentum in an upward and downward direction over a period of time. It helps determine whether the market is in an overbought or oversold condition, as well as the strength of the trend.