Stockton’s long-term and intermediate-term momentum indicators are in bearish territory. However, her short-term indicator is in neutral territory, suggesting that there could be some upside whipsaw movement in the near term.
“Resistance is defined by the 200-day [and] ~40-week moving averages, currently near $47,200,” Stockton said. A surge to that level would represent a potential upside of 23% from current levels. But that resistance target is set to be revised lower upon downside follow-through, Stockton said.
The last time bitcoin saw its monthly MACD hit a “sell signal” was from March through June of 2020, while the last prolonged monthly MACD sell signal was from July 2018 through May 2019, amid the ongoing unwind of bitcoin’s late 2017 bull run, Stockton told Insider.
Bitcoin is down 44% from its record November high of about $69,000, and is down 18% year-to-date.
