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Bitcoin Technical Indicator Confirms New Uptrend After 16 Months of Red

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Ever since last week’s Bitcoin rally that broke through critical resistance at $4,200, bulls have appeared to be back in charge. What is still unclear at the moment, is if the bottom of the 2018-2019 crypto bear market is in, and the early signs of a new bull run are beginning.

Giving further merit to bulls claiming the bottom is now behind us, one specific Bitcoin technical indicator has turned bullish for the first time in 16 months, which according to many confirms that a new uptrend has begun.

Bitcoin Super Guppy Multiple Moving Average Indicator Flips Bullish

The crypto bear market has been hard fought by bulls, who eventually succumbed to bearish sell pressure in November, causing a break of repeatedly tested support at $6,000. The violent move down took Bitcoin into a new trading range, touched its local bottom, and began a multiple-month accumulation period.

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Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value 

Investors and traders can only know a bottom was indeed the final bottom in hindsight. Until a new bull trend has long been confirmed, the market will continue to wonder if Bitcoin and other cryptocurrencies may test new lows.

However, one particular technical indicator for Bitcoin has flipped bullish for the first time since the bear market began back in early 2018, following the break of Bitcoin’s parabolic advance to its all-time high price of $20,000 in December 2017.

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$BTC SuperGuppy shows confirmed uptrend

I don't always guppy but when I do… it's a thing of beauty watching these EMAs turn blue and green for the first time in 16 months pic.twitter.com/MPUE0zGBNU

— Josh Rager ? (@Josh_Rager) April 10, 2019

According to crypto analysts, the Bitcoin Super Guppy indicator turning green is confirmation that a new uptrend is here. If this uptrend turns into another full blown bull market is still anyone’s guess, but if bulls follow through with conviction it could revive the FOMO and hype that drove the 2017 crypto bubble.

Guppy, Whales, and Other Big Fish

The indicator, called the “Super Guppy” takes multiple moving averages – both short- and long-term moving averages – and averages them in such a way that can help traders spot changes in trends, breakout confirmations, and other potential profit opportunities. The indicator is named after its creator, Australian trader Daryl Guppy.

Related Reading | Crypto Analyst: Break of Current Bitcoin Resistance Will Commence Bull Run 

Now that the Super Guppy has confirmed a trend reversal, the whales that accumulated Bitcoin during the extremely brief stint in the $3,200 to $4,200 trading range should be looking to mark up the price of their assets sooner than later. The sudden surge in pricing, followed by additional bullish momentum, could cause the bear and bull cycle to occur at a faster pace than previous cycles, resulting in a new all-time high sooner than expected.

Feel cute might delete later $btchttps://t.co/dfVH9p8b5q

— f i l ₿ f i l ₿ (@filbfilb) April 10, 2019

Crypto analyst FilbFilb has shared a previous chart created that outlines what a faster cycle might look like, with one scenario bringing Bitcoin to a new all-time high peak coinciding with the next halving in May 2020. The other scenario has Bitcoin peaking again shortly after halving, closer to July 2021.

Tags: bitcoincryptofilbfilbJosh Ragersuper guppy
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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