BTC forms pivotal uptrend signal while trading in a tight range of $2000 over the past two months after the rejection in the $12,000 region. Following our Bitcoin latest news, we can see more about the price analysis.
The slow price action in the number one cryptocurrency came as the legacy markets like S&P 500 and precious metals went into a stagnation mode. Bitcoin’s inability to break higher after the crucial long-term support led some of the investors to fear that the market is primed to see a strong reversal trend. Luckily for the bulls, it was confirmed that a long-term uptrend signal confirmed that it should indicate more upsides soon. As BTC forms a pivotal uptrend signal, we can be reminded that the last one was formed in 2014 before the bull trend took bitcoin to the $20,000 level.
Crypto analyst Eric noted that back in July, Bitcoin formed a pivotal long-term uptrend signal that went unnoticed by many. The six-month KDJ formed a bullish crossover for the first time since 2014 when Bitcoin was trading for a few bucks. The KDJ is a signal which is derived from the Stochastic Oscillator which means it shows when an asset is in overbought or oversold territory. The latest crossover shows that the bulls are in control now. Thies explained further:
“Notes on this crazy high TF but I’ll gladly give hopium when I see it 6M KDJ crossed bullish when it closed in July, confirming an unmistakably bullish 6M hammer at the same time. Last time KDJ crossed bull was 2014 with a $200 $BTC low. Last cross bear at $17k high.”
It now seems that the volume of the six-month candle for BTC is getting progressively weaker which could be a byproduct of the ongoing introduction of exchanges that don’t fit into the BraveNewcoin liquid index which is what the charts are showing. The long-term fundamentals corroborate the expectations of the upside in the BTC price. CryptoQuant, the crypto analytics firm, reported that ten out of eleven of the long-term BTC on-chain signals are forming a buy or strong buy signal. these signals include the Hash Ribbons, Stock to Flow Ratio, Stablecoin Supply Ratio, MVRV ratio and Miners’ Position Index.
Long-term $BTC on-chain indicators look healthyhttps://t.co/VnrIVP3lDF pic.twitter.com/cfE73acVXh
— CryptoQuant (@cryptoquant_com) September 16, 2020
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