- Bitcoin’s 50-day moving price average could soon move above the 100-day moving average, confirming its first bullish crossover in seven months.
- While the bullish crossover is a lagging indicator, the current slope of the MAs is signaling bearish exhaustion. so, bitcoin could rise toward $4,236 (Desember. 24 high) in the near future, as suggested by other longer duration indicators and the bullish candle created on Feb. 27.
- The bullish case would weaken if prices find acceptance below $3,658 (Februarie. 27 lae).
A widely-followed bitcoin (BTC) price indicator is about to turn bullish for the first time in seven months.
Bitcoin’s 50-day moving average (MA) – currently located at $3,669, according to Bitstamp data – could soon move above the 100-day MA at $3,670. The event would confirm the average’s first bullish crossover since the end of August 2018.
Maar, the bull cross is a lagging indicator, being based on past data, and in this instance is likely more a product of bitcoin’s recovery rally from lows near $3,100 seen in December.
dit gesê, with several key indicators, like the weekly moving average convergence divergence (MACD) and the money flow index flashing early signs of bullish reversal, the probability of the cross trapping the bulls on the wrong side of the market seems low.
Soos skryf, BTC is changing hands at $3,860, having clocked a low of $3,791 earlier today.
As seen above, the 50-day MA is taking an upward turn and is about to cross the 100-day MA from below.
verder, BTC’s repeated defense of the 100-day MA over the last 12 days has strengthened the bullish case put forward by the long-tailed doji candle created on Feb. 27.
As gevolg daarvan, BTC could soon rise toward the inverse head-and-shoulders neckline resistance, currently located just below the bearish lower high van $4,236 printed on Dec. 24.
A UTC close higher would confirm a bearish-to-bullish trend change and could yield a rally to $5,000.
On the weekly chart, die 5- and 10-candle MAs produced a bullish crossover two weeks ago. BTC also defended the 10-candle MA in the previous two weeks, reinforcing the bullish reversal signaled by the MA studies.
In the near-term, BTC looks likely to challenge the recent high of $4,190.
bekendmaking: Die skrywer het geen cryptocurrency bates ten tyde van die skryf.