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Technical Indicators Align to Confirm Bitcoin Bull Market

Bitcoin News

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A large number of traders and investors would have said that the Bitcoin bull market was confirmed when BTC price surged to $8k two weeks ago. Zooming out to the one year chart shows signs of a recovery, and two technical indicators have just suggested that things have finally turned around for the longer term.

Traders are still waiting for a pullback that has yet to materialize. Bitcoin price has held on to gains yet again and has started to consolidate around $8,750.

BTC price 00 hit resistance again at just over $8,900 before returning to its channel a few hours ago. At the time of writing it was trading at $8,790 with several Dojis forming on the one hour chart.

Four Closes Above The 50-Week MA

Crypto aficionado going by the twitter moniker ‘Nunya Bizniz’ has noticed that Bitcoin has closed four consecutive weekly candles above the 50-week moving average;

BTC: Yesterday’s close marks 4 consecutive weekly closes above the 50 week moving average. Four weekly closes above the 50 week MA has never failed to initiate a bull run.

The last two major bull runs were initiated by this pattern so it is indeed a very bullish indicator. Similarly, the multiple moving average Guppy has also just flashed green for the first time in over a year. This technical indicator takes a number of short and long term moving averages and combines them.

The ‘Three day super Guppy’ is a longer-term trend indicator and its shift into the green could also be a sign that a larger uptrend is forming.

Trader Josh Rager has been analyzing the charts;

$BTC: 3-Day Super Guppy Flipped Green. I’ve been waiting for this for weeks to confirm the bull trend. While the 1-Day Guppy can give fake-outs, the 3-Day is a nice signal for continuation and that dips are buying. The last time the 3D flipped green it led to a 25 month uptrend.