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Home Cryptocurrency news

Indicator Gives First Bullish Signal Since Bitcoin Price Bottom

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin price crypto indicator
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Bitcoin price may have fallen over the last two days, but the overall trend over the year thus far has been up, and an end to the correction could soon be here.

One crypto analyst has spotted an extremely bullish signal on a Bitcoin price indicator that hasn’t given such a signal since the first-ever crypto asset bottomed out in the low $3,000 range.

OBV Indicator Shows Bullish Divergence, Bitcoin Price Could Spike As a Result

Bitcoin price is amidst a longer and deeper than most crypto investors expected, after witnessing just how fast the crypto asset rose to $20,000 in 2017 and during this recent parabolic rally from the $3,000 range where Bitcoin set its bear market bottom.

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Related Reading | Crypto Analyst: Bitcoin Indicator Resembles Mid-2016 Bullish Beginnings

The correction first began in late June and is now over two months long in duration. During that time, Bitcoin price has fallen over 30% from $13,800 where it was rejected by the resistance level where the bear market all began.

But that level may soon be broken, as one crypto analyst has discovered a powerfully bullish signal on a USD/BTC chart indicator that hasn’t occurred since Bitcoin rocketed out from the deepest depths of the bear market – never looking back.

Im Long $btc.

First OBV bull div on the 4hour since $3350.

Live by the sword, die by the sword. pic.twitter.com/6V4nHLDvXh

— f i l ₿ f i l ₿ (@filbfilb) August 30, 2019

Crypto analyst filbfilb, an analyst who nailed various calls throughout Bitcoin’s parabolic rally, says that the OBV indicator is showing the first bullish divergence since the first-ever crypto asset was at its bottom. The last time this signal was seen, Bitcoin price saw over 300% growth from there in a matter of six months.

OBV stands for on-balance volume and according to Investopedia is a “technical trading momentum indicator that uses volume” to predict changes in the price of an asset – in this case, Bitcoin. A bullish divergence occurs when prices reach a new low, while the indicator fails to do so and sets a higher low.

Crypto analysts and traders use these tools to help them predict where the market direction is going. The bullish divergence on the OBV indicator can be seen on the 4-hour chart. Signals on higher timeframes provide the most weight in any technical analysis.

Related Reading | Altcoins Still In a Bear Market, But What About BTC?

Another 300% rise from $10,000 would take Bitcoin to double its previous all-time high at $20,000, and set a new all-time high at $40,000. The last time Bitcoin price grew by 300%, it only took six or so months. The leading crypto by market cap at $40,000 six months from now would follow along with the predicted trajectory of Plan B’s stock-to-flow model, which suggests that Bitcoin price will reach $55,000 by May 2020, when Bitcoin’s halving occurs.

Tags: bitcoinbitcoin pricecryptoindicatorobv
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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