Many best cryptocurrency news sites report that the Bitcoin bull market is finally here – and the trend is finally reversing. Even though we spoke about the bullish run and bull market for a long time these months, one key technical indicator has now “turned green” and proved that a two year up trend is following.
The surge towards $9,000 yesterday was the proof for a Bitcoin bull market, where BTC held onto its gains and traded above $8,700 for the best part of the past 24 hours. A new intraday high at $,890 was hit next, right before BTC returned to the support zone of $8,770. The daily volume was stable and the new consolidation level is now forming along with a correction.
The latest cryptocurrency news also show that analysts are generally agreeing that BTC is more likely to move up to $9,600 than suffer a correction. The full time trader going by the handle ‘CryptHawk’ looked at the charts and noted the 0.382 Fibonacci level and how it is ‘exactly here’ following the Bitcoin bull market:
“$BTC – Hit my first target, not over here, we might go for 0.382, fibs are friends! 9,6k before retrace, if it does not stop we go for 0.5 at $11.6k to trigger the bullish scenario. If we stop on the 0.382, retrace blue box for the big REKT!”
https://twitter.com/TheCryptHawk/status/1133203806601261057
However, the indicator that is in the real focus is Guppy – which is basically a multiple moving average technical indicator that identifies changing trends, breakouts as well as trading opportunities in price by combining two groups of moving averages with different time periods. As the trader Josh Rager commented, the Guppy has finally flipped into the green, proving that a Bitcoin bull market is here.
“$BTC: 3-Day Super Guppy Flipped Green. I’ve been waiting for this for weeks to confirm the bull trend. While the 1-Day Guppy can give fake-outs, the 3-Day is a nice signal for continuation and that dips are buying. The last time the 3D flipped green it led to a 25 month uptrend,” he said.
https://twitter.com/Josh_Rager/status/1133175468469968896
As a reminder, the last time this indicator was featured in the altcoin news and Bitcoin news sections was back in 2016 – where it initiated an uptrend which lasted over two years. This raises a lot of questions about a Bitcoin bull market that is perhaps here to stay.
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