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This Long-Term Momentum Indicator Is About to Flip Bullish on Bitcoin

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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Bitcoin price has been in a downtrend for nearly two years now, with only a short-lived rally in Q2 2019 giving crypto investors a break from the bear market.

However, a long-term momentum indicator is about to flip bullish on Bitcoin price charts, and it could signal that a major trend change is about to take place.

Bitcoin Sell Momentum Waning, Indicators About to Flip Bullish on Crypto

Bitcoin price is at a critical moment. Although it seems like each and every other week a crypto journalist, analyst, or influencer says the same thing, yet there’s never been a more important moment for the first-ever cryptocurrency.

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The asset has spent over two years in a bear market, after reaching a peak price of $20,000 in December 2017. Since then, it’s been pretty much a downward trajectory since – outside of a short deviation in early to mid-2019.

Related Reading | Massive Bitcoin Miner Capitulation Could Act As Launchpad For Bull Market 

After continued selloff, nearly half of the crypto asset’s limited supply has yet to move in over two years, potentially suggesting that there’s very few investors remaining that might sell their Bitcoin. The theory is, that they’ve had over two years of a downtrend to do so, and if they haven’t yet, those hands are likely to strong to shake out.

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And if the recent Black Thursday collapse didn’t shake out even the strongest of hands – there’s a chance that nothing will.

Further adding to the bullish potential, is the asset’s halving in just three weeks.

MACD in bull territory/ above the zero line [has hardly ever left it]. About to also re-cross the signal line bullishly… pic.twitter.com/7BsCtQ8XjG

— dave the wave (@davthewave) April 27, 2020

MACD Signals Bull Market May Be Ahead, But Bullish Crossover Is Necessary

Further backing up this theory that the sustained selloff is running out of steam, and that buyers will soon outweigh sellers and cause prices to mark up following the halving, is the MACD indicator on monthly timeframes.

The Moving Average Convergence Divergence indicator is a long-term momentum-following indicator, that can tip traders and analysts off as to when a major trend change is about to occur.

At Bitcoin’s all-time high, the rejection caused the MACD to begin to roll over, with a bearish crossover of the two MACD lines occurring in early 2018, jump-starting the bear market.

After Bitcoin price bottomed, months later, the lagging indicator turned back up, until BTC topped out once again at $14,000 and the MACD crossed back bearish once again.

Now, after all this time suffering price decline, the MACD is curling up once again, and a bullish crossover could be a signal that a new bull market is forming for Bitcoin.

Related Reading | Number of Bitcoin Whales Hits Previous Pre-Bull Run Level

The MACD, however, is considered a lagging indicator, and while the upward momentum is certainly visible, it could be present from the early 2020 rally that took the cryptocurrency to over $10,000 before falling once again to extreme lows under $4,000.

If the MACD continues to rise, it’s back to a bull market for crypto. However, much like the indicator eventually turned back down after the 2019 rally, the same thing could happen, pushing BTC into its first-ever secular bear market, and to much lower prices.

Featured image from Pixabay
Tags: bitcoinbitcoin pricebtcusdMACD
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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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