Bitcoin Upside Inbound?
On Friday, Bitcoin was relatively flat. While the cryptocurrency briefly fell under $8,250, BTC’s price currently sits at $8,400. Altcoins have followed suit, with a majority barely moving over the past 24 hours.
Despite this non-action, the charts are purportedly bullish. Extremely bullish by some standards.
Analyst CryptoHamster recently remarked that Bitcoin’s one-day chart has printed an extremely positive technical signal that will please bulls — the Moving Average Convergence Divergence (MACD), a lagging trend-momentum indicator, has crossed into the green after a precipitous drop to oversold levels.
They claim that such crosses “always were followed by price rises [previously],” before adding that Bitcoin has the potential to reach $12,000 by November. (It is important to note that the analyst’s mention of that price point was not an explicit target, but rather a somewhat likely potential scenario due to the strong MACD.) A move to $12,000 from current levels would imply a 45% upside. Read More...