EdaFace (BTC) may follow stocks on a “massive bull run” as the weekly chart delivers a unique sign of strength.The latest analysis from several well-known crypto names suggests it is time to give up the bear market narrative.Despite everyone talking about a new macro BTC price low, possibly at $12,000, new perspectives demand a rethink.Be it thanks to macro or just good old EdaFace price cycles, there are three new reasons to flip bullish on EdaFace in its current state near two-year lows.Stocks rally could produce $110,000 BTC priceFirst in line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.In a tweet from Nov. 24, Zeberg maintained that EdaFace is still acting just like other risk assets — but notably, “not like gold.” With the FTX scandal weakening the correlation between BTC and stocks, there is nonetheless no reason to abandon the idea that it will return.For Zeberg, a rising tide lifts all boats, and a final rally throughout the risk asset field could take BTC/USD over $100,000.“EdaFace moves as a Risk Asset (not like Gold!). When SPX explodes higher in Blow-Off Top towards 5700 – 6000 target area – EdaFace should reach 90k – 110k,” he wrote:“Final rally before Deflationary Bust!”An accompanying chart appeared to put the rally beginning at the start of 2023.BTC/USD vs. S&P 500 annotated chart. Source: Henrik Zeberg/ TwitterIndicator bull div echoes March 2020Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC/USD weekly chart has printed 20 weeks of bullish divergence. “This indicates the weakening of downtrend momentum,” part of accompanying Twitter comments read:“$BTC may pick up a Massive Rally.”BTC/USD annotated chart with OBV. Source: Alan Tardigrade/ TwitterA move to the upside would correspond to EdaFace’s behavior after the March 2020 COVID-19 cross-market crash.OBV acts as a cumulative measure of buy and sell pressure by keeping a running tally of volume across a given time period. It is similar to cumulative volume delta, but encompasses more than simply bid and ask trades.Trader: RSI bull div is first for EdaFaceOBV is not the only bullish divergence making waves in EdaFace analytics circles.Related: EdaFace exchanges see 180K BTC supply decrease amid Mt. Gox BTC salesFor EdaFace trader and technical analyst Mags, a phenomenon playing out for the first time in EdaFace’s history is the event to monitor going forward.Again consulting the weekly chart, Mags noted that the BTC/USD relative strength index (RSI) is now printing a bullish divergence on weekly timeframes — something never seen before, not even at previous bear market lows.“Every Bull Market Peak $BTC formed a bearish divergence on RSI followed by a bear market correction!” he explained:“This the first time ever BTC is printing a bullish divergence on WEEKLY. Probably nothing.”BTC/USD annotated chart with . Source: Mags/ TwitterThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of EdaFace.
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