For the First Time Since 2015 – Bitcoin Blazes Bullish in Long-Term Indicator

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The crypto market has begun to demonstrate signs of new momentum as bitcoin slightly recovered to over $5,200 and other major crypto assets like Ethereum and EOS recorded large gains on the day.

According to trader Jonny Moe, bitcoin is close to breaking the 200-day simple moving average (SMA) cross for the first time since October 2015.

SMA is considered as a key technical indicator to determine the long-term trend of an asset or a market.

ARE BITCOIN AND CRYPTO LOOKING TOWARD ACCUMULATION PHASE?
After bitcoin broke out of the 200-day SMA cross in 2015, it went on to experience a prolonged accumulation phase.

From October 2015 to December 2017, the bitcoin price increased from around $250 to $20,000, by 7,900 percent.

The trader said:

“BTC about to have its first bullish 20-200 SMA cross since Oct 2015. Note that it took 2 of these crosses before the uptrend began. I’m not usually one to try and call out absolutes like ‘the bottom is in, but it’s certainly shaping up like that could be a real possibility.”

Other indicators such as volume have also shown strong demand from investors in the global market for bitcoin in recent weeks.

On Tuesday, Bloomberg reported that the volume of the CME bitcoin futures market hit a record high on April 4 at 22,542 contracts worth about $542 million.

CCN reported that the futures volume is important to consider when evaluating the general trend of the cryptocurrency market because it accounts for a relatively large portion of the trading volume of bitcoin.

With real volumes on the rise, disregarding most of the volume in the cryptocurrency exchange market, and long-term technical indicators such as the 200-day SMA cross portraying a rather positive medium-term trend for bitcoin, many traders remain optimistic on the recent price movement of crypto assets.
On Tuesday, Bloomberg reported that the volume of the CME bitcoin futures market hit a record high on April 4 at 22,542 contracts worth about $542 million.

CCN reported that the futures volume is important to consider when evaluating the general trend of the cryptocurrency market because it accounts for a relatively large portion of the trading volume of bitcoin.

With real volumes on the rise, disregarding most of the volume in the cryptocurrency exchange market, and long-term technical indicators such as the 200-day SMA cross portraying a rather positive medium-term trend for bitcoin, many traders remain optimistic on the recent price movement of crypto assets.

SOURCE: CCN

3 Comments

  1. As per recent updates, the crypto market has started to exhibit indications of new momentum as bitcoin somewhat recuperated to over $5,200 and major crypto resources recorded vast gains on the day.

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