Bitcoin Price 'Bull Cross' Points to Positive Market Shift

gepubliceerd op by Coindesk | gepubliceerd op

View Bitcoin's three-day chart is showing a bullish crossover of the 5- and 10-day exponential moving averages for the first time since July.

The crossover looks decisive as both EMAs are now trending north, validating the bearish-to-bullish trend change signaled by the high-volume triangle breakout seen on the 3-day chart.

A minor pullback to $3,800 may be seen in the next 24 hours, as signs of bullish exhaustion have emerged on the hourly and 4-hour charts.

A much-followed bitcoin price indicator has turned bullish for the first time in seven months, indicating a trend change in the market.

On the three-day chart, the 5-candle exponential moving average has crossed the 10-candle EMA from below - the first decisive bullish crossover since July 17, 2018.

The latest positive crossover seen in the three-day chart validates the bullish break above $3,800 witnessed earlier this week.

As seen above, the 5- and 10-day EMAs have produced a decisive bullish crossover, i.e. the averages are trending north following the bull cross.

The chart to the right shows July's bullish cross.

The long upper shadows attached to multiple candles on the 4-hour chart signal bullish exhaustion near $4,000.

Bitcoin image via Shutterstock; charts by Trading View.

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