The Bitcoin price action may seem bearish but three key metrics are now showing that this may be over, according to the latest crypto news. While BTC enters the last month of 2019, the king of cryptocurrencies is also seen as a coin that must finish on a bullish rally rather than fall to a new yearly low.
Ever since the start of November, the daily charts have been bearish. In the upcoming Bitcoin news updates, there are three key metrics that suggest that BTC will once again make an attempt to break the $9,500 range.
All of the attempts in the past failed to materialize. What came next was three and a half weeks and half week of pain, accordingly, when we saw Bitcoin plummeting to around $6,500 on November 25. Right now, the three key metrics are good news for many as Bitcoin seems to have bounced off its new floor and is getting into a bullish momentum, gaining over $1,300 quickly.
One of the three key metrics which are crucial for a price reversal is the Bollinger Bands (BB) indicator. According to it, it seems that the next milestone to break will be the moving average set at $8,00 right now – and from here Bitcoin is expected to go at the low $9,000 range.
The Moving Average Divergence Convergence (MACD) is the second of the three key metrics which shows Bitcoin seems to be on target for a bullish cross when the daily candle closes. As analysts pointed and the Bitcoin news now show, this may result in a reversal period. However, no one could estimate how long is this period going to last.
The last bullish indicator is the Relative Strength Index (RSI) indicator. Over the the past weeks, it showed a reading in the mid 30s and as it approaches 30, it sends a buying signal that an asset is oversold to its traders.
The three key metrics are featured in the news and are crucial in the charts now. Even though there is no denying that MACD and other signals are bearish on the weekly charts, the situation could reverse with a strong ignited in the near end.
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