Bullish sentiment has already found its way back into Bitcoin (BTC) markets. For now, in 2020 Bitcoin (BTC) made 13% and even more, is bound to come as an important buy signal flashes strong light. It seems that the major buying signal for bitcoin has arrived since the last time we saw it was in March 2019 as per the reports in the Bitcoin news.
From a day trading low of $7,700, Bitcoin (BTC) has grown a noteworthy 7% to stand at $8,250, during trading in Asia today. From then, there was a slight fall but it remains in the bullish territory above the psychologically important $8,000 barrier.
As the geopolitical developments in the Middle East start to calm down, Bitcoin (BTC) has held on the growth for now as the bullish momentum is building up. Long term signals, like the 50 days moving average have begun to show positive pictures by going up from the first time since September of 2019. On the weekly chart, the 50 and 200-week moving averages are still in a hard growing trend so the conclusion can be drawn for a positive picture in the longer term.
The well-known cryptocurrency analyst ‘Financial Survivalism’ has made an observation about certain long term technical indicators, saying that it has switched to a ‘buy’ signal, which is not seen since March of 2019.
“Since Aug 2018 the Lucid SAR is beating #Bitcoin by over 1,000% & we just got the first buy signal since March 2019.”
For Bitcoin (BTC) the SAR has just turned around to below the price after a six-month downward trend. The previous time this happened was in March of 2019, moments before the legendary Q2 rally that witnessed price growth of almost 250%. The well-known analyst ‘Willy Woo’ was bullish in an equal manner noting that other metrics also made the turning around in the support of price growth and that the major buying signal is finally here:
“Our fund went long a week ago. On-chain flipped 4 weeks ago. Don’t mess with the chain,”
Another popular analyst and chart guru ‘dave the wave’ has maintained that the bottom was in and it is all blue skies from here.
“I’m quite confident that the bottom is based on the previous predictions have played out. I’m now looking for confirmation of that bottom, and I think a useful metric for this would be the MACD.”
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