Bitcoin has continued to tear higher. As of the time of writing this, the flagship cryptocurrency is up 5% in the past 24 hours, finding itself trading for $12,500 a piece. Altcoins, interestingly, have not followed suit, perpetuating a trend of non-BTC crypto assets underperforming as Bitcoin sees a strong performance.
As seen in the chart above, this move marks a clear break of the $11,800 resistance level, which has acted as a price roadblock in this rally, the previous move to $14,000, and 2017’s cycle. As this move occurred just minutes ago, it remains to be seen whether or not the momentum will continue. But, ever since hitting $9,100 a number of weeks back, Bitcoin has been in a clear trend to the upside.
Related Reading: Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset
Bitcoin Decisively Retakes $12,000
Weeks ago, a number of analysts were calling for Bitcoin to retest $6,000 once again, which would have the bears’ one last hurrah prior to a jaw-dropping bull run to new all-time highs. It appears that this won’t be happening… for now.
As outlined earlier, BTC recently began to surge higher, pushing past $12,000 in a move that caught many traders with their pants down. This move reinforces the idea that Bitcoin bulls are back.
Altcoin Pyscho, a popular analyst, noted prior to this move that the Super Guppy, a technical indicator that aims to predict trends, flipped back to green (bullish) from gray (neutral). As seen below, BTC could ride the green guppy, as it did from April to late-June, to new year-to-date heights.
Guppy just flipped green after trend went neutral for a bit.
Notice how it never flipped red… This is why the guppy is my favorite trend tool to avoid being shaken out early pic.twitter.com/VqFuFXQ2jv
— Altcoin Psycho (@AltcoinPsycho) August 6, 2019
That’s not the only positive technical sign. Per previous reports from NewsBTC, Joe McCann recently observed a bullish crossover of the Moving Average Convergence Divergence (MACD), an indicator that tracks trends, on Bitcoin’s daily chart.
Featured Image from Shutterstock. Chart from Tradingview.com
Credit: Source link