Bitcoin Rallied 230% Last Time This Signal Flashed, And It’s Back Again
While Bitcoin (BTC) has struggled over the past few days, a number of long-term bull signals are on the verge of coming to fruition, presenting a massive bull case for the cryptocurrency market.
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Massive Bitcoin Bull Sign About to Flash
Prominent cryptocurrency trader MoeMentum recently noted that while Bitcoin has just entered a new week in terms of price action, a key signal has already started to form:
The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 — in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed.
If the indicator manages to close how it is looking right now, the historical precedent suggests that BTC will begin a strong surge to the upside, thereby invalidating any more expectation of downside in the cryptocurrency market.
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#bitcoin lets pay attention here it is a brand new week , BUT since $4200—-> For the first time weekly FTransform pushing above zero – near bands . it will be interesting weekly close. ( FT acts by bar close) pic.twitter.com/c6F9KmNwlT
— Moe (@Moe_mentum_) January 27, 2020
Economist: This Strange Occurrence Suggests the Bitcoin Bottom is In
Saturday February 22, 2020
Bitcoin’s unprecedented flash crash seen earlier this week has not proved to be as bearish as it was initially thought to be, as the crypto has now been able to find some solid support...
The post Economist: This Strange Occurrence Suggests the Bitcoin Bottom is In appeared first on 12bitplay - Bitcoin Play.
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Here Are a Flurry of Other Positive Signs
It isn’t only the Fisher Transform signal that is suggesting Bitcoin is on the verge of entering another exponential, maybe even parabolic, bull run.
Cryptocurrency analyst Cryptokea recently noted that the worldwide Google Trends, well, trends for the search term “Buy Bitcoin” have recently hit a seven-month high — the highest since June 2019.
More specifically, the metric has hit a “10” on a long-term basis, with the metric’s maximum being 100. The latest Google Trends “10,” Kea said, likely marks the start of a parabolic run-up that will bring prices much higher than the $14,000 high.
Crypto Tidbits: Bitcoin Plunges to $9,500, $45m BCH SIM Swap, IRS Focused on Cryptocurrency
Saturday February 22, 2020
Another week, another round of Crypto Tidbits. Wow, the past seven days have been quite the trip for Bitcoin, to say the least. After peaking at $10,500 last week, the price of the leading cryptocurrency...
The post Crypto Tidbits: Bitcoin Plunges to $9,500, $45m BCH SIM Swap, IRS Focused on Cryptocurrency appeared first on 12bitplay - Bitcoin Play.
1/ Googling for "Buy Bitcoin" just reached a 7 months high (Score 9). The long-term upwards trend is undeniable. The last time the score reached a 10 was:Nov '13 (bull top),May '17 (price on parabolic run-up),Jun '19 (medium-term top)>Feb '20 (price on parabolic run-up?) pic.twitter.com/tkdXIEvM3Q
— CryptoKea (@CryptoKea) January 20, 2020
He added that the “long-term upwards trend” for this metric, which is correlated with growth in the price of Bitcoin, is “undeniable,” pointing to a logarithmic corridor confirming that over time, more and more people want to buy the cryptocurrency.
Also, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line.
So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months’ time.
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