Why Weakening Bearish Bitcoin Momentum Could Give Bulls The Upper Hand

Bitcoin price has taken a beating over the last several months, resulting in the worst quarterly close since 2011. The bearish momentum has been brutal as crippling contagion spreads across the cryptocurrency market. However, bearish momentum on weekly timeframes has begun to weaken, providing bulls with their first opportunity to capitalize in some time. Bitcoin Bearish Weekly Momentum Begins To Weaken, Can Bulls Capitalize? In the real world, momentum is the measure of velocity and mass. In finance, the term describes the rate of speed at which an asset’s price changes. Considering that Bitcoin price plummeted from above $60,000 to $20,000 in a matter of six months, bearish momentum has been a force to be reckoned with. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? However, on weekly timeframes, the first signs of waning bearish momentum have been spotted. Bearish momentum is weakening according to the LMACD histogram | Source: BTCUSD on TradingView.com On the MACD histogram, bearish momentum is weakening as can be seen by the histogram changing from red to pink. The current situation is not an all-clear signal. Momentum will only be considered bullish when the histogram passes the zero line and turns green. A green signal isn't always a worthwhile buy | Source: BTCUSD on TradingView.com As the chart above demonstates, turning green doesn’t always c...