$ 9,204.9
$ 238.78
$ 44.20

Four Signals Suggesting Bitcoin Price On Verge of Bull Trend

Four Signals Suggesting Bitcoin Price On Verge of Bull Trend

The past few months haven’t been too kind to Bitcoin. Case in point, since peaking at $14,000 this June, the cryptocurrency has fallen by 50%, tumbling as low as $6,400 due to selling pressure from PlusToken and weak hands.

Despite this strong retracement, there is a confluence of technical factors that suggest the medium-term future is bright for Bitcoin. Here are a few, broken down by NewsBTC.

Number 1: Bitcoin Hash Ribbons Signal “Buy”

In November, the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, saw a bearish crossover, resulting in an event known as “miner capitulation.”The previous bearish crossover in the Hash Ribbons was last seen just before the now-infamous crash from $6,000 to $3,000 in late-2018.

Though,  according to digital asset manager Charles Edwards, who has popularized the Hash Ribbons and the talk around Bitcoin miner capitulation over recent months, a “buy” is rapidly forming on the Hash Ribbons indicator just a few days after “recovery” was signaled.

This is notable. Previous “buy” signals by the Hash Ribbons came shortly after macro bottoms, followed by fully-fledged bullish reversals. Case in point, the Hash Ribbons printed a “buy” in the middle of January, months before BTC broke from $4,000 to $5,000, which created a domino effect pushing BTC to $14,000 by June, ending a 330% rally from the bottom.

Number 2: Golden Cross

Earlier this month, Bitcoin’s long-term chart saw an extremely bullish sign from a macro perspective: the 50-week and 100-week simple moving averages saw a crossover, with the former crossing above the latter, signaling that bulls are in control of the long-term cryptocurrency trend.

This was last seen in mid-2016, prior to the parabolic run-up that brought Bitcoin from $500 to nearly $20,000 in a few years’ time.

Number 3: Klinger

According to a recent tweet from full-time cryptocurrency trader Crypt0mer, Bitcoin’s one week chart recently printed an extremely bullish signal: the one-week Klinger Oscillator, which tracks volume and price to determine trends, has printed a buy for the first time since February 2019, when BTC was trading around $3,700. He remarked that this is a sign that the bear correction is over.

Number 4: “Massive” Bullish Divergence Between Bitcoin and Indicator

Scott Melker, also known as the Wolf of All Streets, recently observed a positive sign on Bitcoin’s weekly chart. The sign is a “massive bullish divergence in oversold territory on Stochastic Relative Strength Index.”

Featured Image from Shutterstock

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin9,204.9 0.10 % 0.39 % 1.47 %
Ethereum238.78 0.00 % 0.29 % 6.04 %
Tether0.9984 0.13 % 0.12 % 0.07 %
XRP0.2001 0.19 % 2.08 % 13.65 %
Bitcoin Cash236.18 0.03 % 0.30 % 6.96 %
Cardano0.1187 0.12 % 6.07 % 23.33 %
Bitcoin SV179.50 0.01 % 1.16 % 15.92 %
Litecoin44.20 0.07 % 0.27 % 7.32 % Coin0.1421 0.42 % 0.08 % 13.77 %
Binance Coin17.16 0.19 % 3.37 % 12.23 %