Autor Cointelegraph By William Suberg

Bitcoin (BTC) may be consolidating at $47,000, but longer timeframes show just how significant this week’s mini bull run has been.According to the Golden Ratio Multiplier (GRM) metric, on March 27, BTC/USD reclaimed an essential support zone for securing further upside.Bitcoin exits trendline slump that beat March 2020GRM is a long-term observational metric for Bitcoin price action. It is used to determine whether Bitcoin price growth (or the opposite) is overstretched relative to its overall maturity as an asset in terms of adoption.It does so using a log scale, which comprises Bitcoin’s 350-day moving average (DMA) and Fibonacci sequences to give multiples of that trendline.As such, BTC/USD dropping below the 350DMA is a now conspicuous sign of outlier price action, as the vast majority of days have been spent above it since mid-2019.As Bitcoin matures and adoption spreads, logarithmic extremes become less pronounced. “The Golden Ratio Multiplier is an effective tool because it is able to demonstrate when the market is likely overstretched within the context of Bitcoin’s adoption curve growth and market cycles,” analyst Philip Swift, who created the tool in 2019, explained at the time.March 2020 COVID-19 crash, for example, had marked Bitcoin’s longest recent trip below the 350DMA, but 2022 managed to beat it by three months to two.As such, the first three months of this year look like a clear exception to the rule when it comes to GRM.Another use for GRM is naturally tied to predicting Bitcoin market cycle tops. In 2019, Swift estimated that the next top would be roughly three times the 350DMA.”If this decreasing Fibonacci sequence pattern continues to play out as it has done over the course of the past 9 years, then the next market cycle high will be when price is in the area of the 350DMA x3,” he reasoned.Bitcoin Golden Ratio Multiplier chart. Source: LookIntoBitcoinWeekly chart makes mincemeat of once solid resistanceOn mid-range timeframes, as Cointelegraph reported, Bitcoin is already making a statement when it comes to trendlines in place throughout 2022.Related: Bitcoin sentiment hits ‘greed’ in 2022 first amid calls for $45K BTC price pullbackTwo MAs providing resistance in Q1 — the 21-week and 50-week exponential MA — saw their first challenge this week, and bulls are currently battling for them as new support, data from Cointelegraph Markets Pro and TradingView shows.The two roughly divide Bitcoin’s current trading range, in effect since the start of 2021, into two parts with $28,000 and $69,000 as the floor and ceiling, respectively.Moving above them, popular trader and analyst Rekt Capital previously said, would allow BTC/USD to have a shot at new all-time highs.”BTC has performed a Weekly Candle Close above the 21-week Bull Market EMA when price is in an uptrend for the first time since mid-July 2021,” he added in an update on the topic this week.BTC/USD 1-week candle chart (Bitstamp) with 21-week and 50-week EMA. Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) gave $48,000 a second grilling on March 29 after a modest overnight correction provided welcome respite from upside.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader has “strong doubts” over crash below $30,000Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dipped to local lows of $46,900 before returning to crack $48,000 prior to Tuesday’s Wall Street open.The pair maintained support at the yearly open even while consolidating, fueling hopes that the 2022 trading range had been truly broken.Now, while acknowledging the need for a further pullback in an ideal scenario, popular trader Crypto Ed said that the time was right to be “very bullish” on BTC going forward.”Hope for a little bit more down today, but often in these kind of bull markets it’s too much asking for,” he said in his latest YouTube update.Zooming out, Ed eyed an ongoing construction in place since the lows of Summer last year. While these could technically still reappear, there were “strong doubts” about such a situation, and should the bullish follow-through occur, the target for completion was beyond current all-time highs.”That gives me a target of around $80,000,” he concluded.No signs of an intraday pullback were visible at the time of writing, meanwhile, as Bitcoin bulls fought for $48,000 support.The supertrend is your friendThe hunt for trend confirmations was truly on among traders Tuesday, cemented by the push out of the range ceiling.Related: Bitcoin a ‘nice buy’ at $47K despite macro dangers as key trendline nears — ResearchFor analyst Matthew Hyland, it was Bitcoin’s supertrend indicator on the three-day chart worth taking notice of.Supertrend indicators use price range and volatility data to discern when an asset is in an up or downtrend. They give the signal once a trend has already started, and are thus useful confirmation devices if used correctly.Bitcoin has been sideways ranging for all of 2022, and its comedown from all-time highs sparked a three-day chart supertrend bear flag in early December.”The Bitcoin 3-Day Supertrend is VERY close to flipping bullish!” Hyland announced. “We have been waiting since the start of December to see this flash green.”To follow through, BTC/USD would need to hit and close above $49,000 on the three-day chart, he added.Bitcoin supertrend chart. Source: Matthew Hyland/ Twitter