- 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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.