Bitcoin Ready to Shoot Higher
Bitcoin may have been stagnating above $7,000 over the past few days, though a popular trader has said that pressure on the bullish side is rapidly building.
The trader, Satoshi Flipper, noted that the Moving Average Convergence Divergence (MACD), which is a trend-following indicator, has flipped green on the four-hour chart. The last two times this signal was seen, Bitcoin rallied by 13% and 5%, respectively. Flipper added that with BTC holding the key $7,000 support, he would be inclined to suggest that a strong 10% bounce to $8,000 could play out over the coming days.
Maybe something like this 🧐
I like that MACD bullish cross on the 4 hr$BTC #Bitcoin pic.twitter.com/QFFxATXu2M
— Satoshi Flipper (@SatoshiFlipper) December 13, 2019
It isn’t only Satoshi Flipper who claims that Bitcoin’s chart is looking more bullish than it is bearish.
Per previous reports from this very outlet, Bloomberg wrote that with Bitcoin’s price stabilizing “above its support level of the initial [CME futures] gap created on May 10,” there’s potential that a bottom was marked in the $6,500 range.
Mike McGlone, a commodities strategist at Bloomberg, echoed this, saying that it is “only a matter of time” before the cryptocurrency breaches through resistance, the most notable of which being the horizontal and psychological resistance at $10,000.
McGlone backed this optimistic quip by looking to a potential rally in gold, which he claims would boost the Bitcoin bull narrative, as such a rally would be caused by macroeconomic turmoil, something analysts say is beneficial for alternative assets as a whole. He also looked to growing levels of adoption in the cryptocurrency space coupled with the idea that the impending halving will act as a negative supply shock for Bitcoin’s market economics.
Fractal of 2018 Bottom Also Implies Strength
That’s not the only sign that implies Bitcoin is readying to thrust higher.
Popular trader Jonny Moe recently noted that the price action seen from December 2018 to now is structurally very similar to the entire 2016-2018 market cycle, with there being a parabolic run-up, a descending triangle consolidation, a breakdown of that triangle into capitulation, a then a five-wave bottoming process.
*takes a deep hit of the hopium*
Who's with me???$BTC pic.twitter.com/qjl7C7tsdN
— Jonny Moe (@JonnyMoeTrades) December 11, 2019
This comes shortly after another popular trader, Cantering Clark, made a similar retort, drawing attention to an “uncanny resemblance” between the BTC price action seen over the last few days and the December 2018 accumulation phase.
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