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Bitcoin News

Positive Market Shift Implied in Bitcoin Price “Bull Cross”

After seven months of stagnation, the price of Bitcoin (BTC) has turned bullish, thus indicating an obvious change in trend within the market. During the three days, the three-day price indicator chart showed the crossing of the 5-candle exponential moving average (EMA) with the 10-candle EMA below it.

In fact, this was the first definite bullish crossover that took place since the 17th of July last year. During that time, BTC traded higher than $7300 while a sudden increase to an $8400-high on the 24th of July followed the crossover. Moving average crossovers indicate sharp changes in momentum, and once there is a cross between the short-term moving average and the long-term average coming from below, then a bearish-to-bullish change in trend is inevitable. As of Feb. 21, BTC is currently trading at $3894 with a $3990-high earlier that day.

Testing More Local Highs

Bitcoin could possibly test its $4200-highs in the near term. This was the highest in December. With a decisive-looking crossover and with both EMAs going north in terms of trend, the trend from bearish to bullish is validated.

The 3-day chart price indicator showed decisive bullish crossover with BTC’s final three-day candle closing at $3936, indicating a triangle breakout. The message is still the same – a bearish-to-bullish trend. As the candle closed far above $3711, then the bullish reversal is certain.

With the 4-hour chart, the long upper shadows on which multiple candles are attached signaled maximum bullish point near $4000. However, the relative strength index (RSI) on the hourly chart became bearish below 50.00. This could mean that BTC could touch $3800-low before a rally that should reach $4236. Nonetheless, the 50-hour MA indicates that the dip to $3800 would not last long at all.

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