A reptilian technical signal is back in Bitcoin, and it has started to feast upon a new uptrend, according to how the tool works.
Take a closer look below at the one-week BTCUSD Williams Alligator, and learn more about what it says about the king of the cryptocurrency market.
Bye Crypto Bear Market. See You Later, Says Alligator
Bitcoin price is back above $30,000 and the recent push higher has possibly changed the trend. That is according to the one-week Williams Alligator, which has started “eating with its mouth open.”
The Williams Alligator consists of three smoothed moving averages, set at 5, 8, and 13-periods. These averages represent what creator Bill Williams has labeled the Lips, Teeth, and Jaw of the gator, respectively.
When the three moving averages are moving upward, and the Lips are above the Teeth and Jaw, it suggests that an asset is trending. As such, the chart below suggests that Bitcoin is once again trending up.
The Alligator is hungry for BTC | BTCUSD/NDX on TradingView.com
Bitcoin Could Be Trending For A While Crocodile
As the image depicts, after Bitcoin begins trending according to the technical tool and timeframe, it continues until a climax. At that point the Alligator is sated and begins “sleeping”.
Given the recent macro environment, regulatory pressure, and more, investors might still be sleeping on the crypto market. But if you read the Williams Alligator correctly, it suggests that the gator has awakened, and an uptrend is here.
Upon examining the last three major uptrends, the current most closely resembles the 2020 rally. In 2019 the Aligator ate for 50 days before a peak. In 2021, it lasted 75 days. But the big one in 2020 lasted a full 350 days before a reversal.
Thus far, the Alligator started eating 125 days ago, surpassing 2019 and 2021 combined. Yet it’s not even halfway done with its meal if the rally is as strong as 2020. How long will the Williams Alligator stay hungry for BTC?
The 1W Williams Alligator 🐊 is hungry for more expensive #Bitcoin
It has started eating with an open mouth, thus following the trend
It is done dining when the 5, 8, and 13 (Fib numbers) period smoothed MAs cross and turn down
Eat, or be eaten pic.twitter.com/V12PykySYr
— Tony “The Bull” (@tonythebullBTC) June 27, 2023