The Bullmarket Support Band has historically acted as a support level for Bitcoin prices during bull markets. It is a simple long TF indicator and price tends to retrace towards it. For example, during the 2017 bull run, Bitcoin had several 30-40% corrections to the support band. WHY THIS MATTERS: The band just "flipped bull" on the monthly timeframe after a...
Bitcoins weekly candle will be coming to a close in less than 24 hours. There does seem to be a decrease in volume in the last couple weeks. Also there is a clear divergence with MACD and Price. If Bitcoin does not hold this support level I will be looking to take some profits. Keep a close eye on that level.
Ethereum is interacting well with the Bull Market Support Band indicator where it bounced from the 21W EMA on May 23rd, fell below the support band in mid-June and is now holding resistance at the 20W SMA level for over a week. Once ETH/USD breaks through the support band and holds it as support, we may see bullish action again.