Bitcoin has held on to gains over the weekend ranging in the mid-$9k price zone. The longer it remains here the more bullish sentiment becomes and a trading signal has just flashed long for the first time since April last year.
BITCOIN CLOSES ON FIVE FIGURES
BTC has held above $9k for the entire weekend with a push up to $9,600 a couple of hours ago. The move marked its highest price for three months according to Tradingview.com.
A golden cross has formed on the daily time frame indicating a long term trend reversal. The 50 day moving average has now crossed above the slower 200 day moving average. The last time this occurred was in April 2019 and a 200% rally followed.
A similar rally from today’s levels could put the price of bitcoin at $28,000 by halving time, which is just three months away now.
Analyst and trader Josh Rager has observed another technical indicator which has also just flashed long for the first time in almost a year. The Blackroots Alpha Trend has now gone green again, Rager is a co-founder of the crypto exchange. Read More...