Bitcoin is slowly gaining altitude with a long-term lagging indicator flashing signs similar to those seen before the 2015 bull breakout.
The crypto market leader rose to $4,100 at 10:30 UTC on Bitstamp today – the highest level since Feb. 24 – validating a bullish higher low established along the crucial 30-day moving average (MA) support earlier this week.
Prices, therefore, could rise further toward the February high of $4,190 in the next few days. As of writing, BTC is changing hands at $4,075, representing 0.5 percent gain on a 24-hour basis.
While BTC’s short-term prospects seem to have improved with the move, a longer term bullish reversal above $4,236 still remains elusive.
A convincing break above that level, however, could happen in the next few months, according to historical data related to bitcoin’s three-day chart 200-candle moving average (MA). That average is based on two-year-old data and tends to lag price by more than a year.
For instance, bitcoin’s price topped out at $20,000 in December 2017 and has been charting lower highs ever since. The 200-candle MA, however, continued to trend north indicating a bullish setup throughout 2018 and shed the bullish bias (turned flat) this month – three months after price sell-off ran out of steam near $3,100. Read more
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