Bitcoin is back! Over the past few days, the cryptocurrency has begun its latest moon mission, rocketing from a local low of $8,200 set on the 24th to a high of $9,425 just minutes ago as of the time of writing this article. This means that the price of the asset is up 15% in around five days’ time, and up around 47% since the $6,400 low established in December.
While the cryptocurrency has paused at $9,400, running into some short-term resistances, analysts say that this latest surge is a precursor to an even bigger move higher for Bitcoin and its ilk, for it invalidates bear trends.
Quantum Economics founder Mati Greenspan noted that this latest move has confirmed a massive breakout for Bitcoin, one that is likely to bring prices even higher:
“The downward Channel is Officially Pulverized! At this point, the breakout is clear. The 200 DMA is in the dust. Get your rockets & lambos ready bois, we goin to da moon.”
Of course, the message he wrote above was imbued with quite a bit of creative license seemingly for comedic effect, but the point Greenspan is making is clear: Bitcoin bulls are ready to move the cryptocurrency out of the seven-month downtrend that brought prices from a high of $14,000 to $6,400 in a dramatic fashion.
There’s also an impending golden cross event in the 50-day exponential moving average and the 200-day moving average, which should further support the bull case in the coming weeks, for it would suggest that buyers are in control.
That’s not the only bullish sign.
In a recent tweet, Dave the Wave wrote that he weekly Moving Average Convergence Divergence (MACD) — a trend-following indicator that signals market directionality — has just crossed into the green territory, just saw a bullish cross, and the MACD level is just below the zero line… “about to enter official bull territory.”
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