Manoj B Rawal
Independent Analyst
- BTC's one of the long term indicators turns bullish.
- Another key indicator on the verge of turning up.
Bitcoin, the largest cryptocurrency by market capitalisation, has all going right for it after more than a year long bear market that saw prices collapsing upto 95 percent from top for many alt coins. If things go right, the way they are in technical parlance, then Bitcoin would lead the charge upwards again.
BTC/USD is up less than a percent at $5,111, not far from day's high and trading in just about 1 percent range so far. On the daily chart, one of the key indicators of the long term bull market, termed as Golden Cross - cross over of 50 DMA and 200 DMA on the upwards, is on the verge of happening in a matter of next few days/weeks.
The early signs are already in place - 21 days SMA has already crossed past 200 days SMA and next in line should be 50 days' SMA. Provided, bulls are able to sustain around current levels and continue to remain upbeat.
BTC/USD daily chart:
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