Bitcoin remains in a state of calm, but not social media.
MACD, which is the shortened form of “moving average convergence divergence,” is an indicator widely used to gauge trend strength and trend changes.
The MACD has been a fairly reliable indicator of intermediate price action in the past.
Bitcoin’s bull market has already slowed, with prices stuck largely in the range of $50,000 to $60,000 over the past two months.
Bitcoin was trading near $56,300 at press time, having printed a high of $58,041 early today.
A potential drop to $48,000 would mark the completion of the head-and-shoulders pattern.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.