Bitcoin Technical Indicator Flashes Buy as Uptrend Strengthens

Bitcoin Technical Indicator Flashes Buy as Uptrend Strengthens

A key Bitcoin price technical indicator has turned green again following almost a month of declines. The rally which started a week ago has gained momentum despite a minor pullback below $12,000 yesterday.

Bitcoin Trend Indicator Goes Green

According to Bloomberg there has been a lot of attention turned towards bitcoin recently as a refuge in times of economic turmoil. The outlet added that a key trend indicator called the GTI VERA Convergence Divergence Indicator is now showing a buy signal.

Based on trading over the past few days, this lagging indicator is back in the green as BTC holds on to gains made since the weekend. This time last week the worlds leading digital asset was trading at around $9,750. Since then it has made an impressive 20% to its current price around $11,650.

Bloomberg intelligence analyst, Mike McGlone, said that the tide is rising for bitcoin compared to other risk assets, adding;

Bitcoin should remain a primary beneficiary of growing demand for its store-of-value, quasi-currency asset properties, similar to gold. Favorable macroeconomic fundamentals plunging bond yields and rising stock-market volatility appear to have endurance and should further differentiate Bitcoin from other crypto assets.

Akbar Thobhani, chief executive officer of crypto prime dealer SFOX Inc, added that bitcoin could regain its role as a safe haven as it

seems to uniquely enjoy a status as a store of value, similar to gold, which may explain why it is building positive momentum amid the 10% tariff announcements,

The China Effect

Many, such as gold investor Peter Schiff, have refuted Chinas role in bitcoin price action this week but the charts speak for themselves. Trader and analyst Luke Martin as overlaid charts for bitcoin and the USD/CNH and they are uncannily similar.

These two charts have looked identical since the beginning of August. Moves higher happening at nearly the same time. Local top at the same time. Same pattern as well.

He added that he would turn bullish again if BTC started trading above $11.8k. This price range is at the top end of a range-bound channel that is starting to form. The lower support zone is around $11.2k so a drop-through that could see prices back in the $10k zone pretty quickly.

A golden cross which has just formed on the four-hour chart could also signify further gains. This traditionally lagging technical indicator also points to a trend reversal. The two moving averages are getting further apart on the daily chart which adds to the bullish sentiment.

Will bitcoin price resume its upside momentum today? Add your thoughts below

Images via Bitcoinist Image Library, Twitter: @VentureCoinist

The post Bitcoin Technical Indicator Flashes Buy as Uptrend Strengthens appeared first on Bitcoinist.com.

07.08.2019 / 06:10 15
Bloomberg Trend Indicator Suggests More Pain For Bitcoin Bloomberg Trend Indicator Suggests More
Over the past couple of days, Bitcoin has retreated by 12 percent from its 2019 high. Many industry observers have called for this correction
Crypto Analyst: Buy The Dips, Bear Market Definitely Over Crypto Analyst: Buy The Dips, Bear
Traders and crypto analysts are constantly looking for signals that the bear market is definitely over and a major trend reversal has occurred.
Bitcoin Bulls Are Skeptical Even After Bullish Signal, Will $8,500 Hold? Bitcoin Bulls Are Skeptical Even After
Bitcoin prices firm above $8,500 Technical analysts are overly bullish after Guppy indicator turned green After three years, the Guppy technical
Technical Indicator Signals That Crypto Markets are Highly Overbought Technical Indicator Signals That Crypto
The crypto markets appear to have found some stability at their current prices, as many altcoins have been able to continue climbing higher while
Key Technical Indicator Shows Bitcoin Price Poised for Santa Claus Rally Key Technical Indicator Shows Bitcoin
The crypto market continues to endure a difficult 2018 after increasing posting astronomical gains in 2017. However, signs are beginning to emerge
Bitcoin Selloff Could be Over, Says this Technical Indicator Bitcoin Selloff Could be Over, Says
Image courtesy of Investing.com.The massive Bitcoin selloff that has characterized most of the market in 2018 might soon be at an end based on the
Comments (0)
Add a comment
Comment on