Weekly Bitcoin Price Indicator Shows 'Bear Cross' in First Since February

View Bitcoin's weekly moving average convergence divergence histogram has turned bearish for the first time in seven months.

A bull revival would be confirmed if and when prices find sustained acceptance, preferably a weekly close, above $12,000.

A widely-tracked trend-following bitcoin price indicator is flashing a sell signal for the first time since February.

The weekly moving average convergence divergence histogram, which is used to identify trend reversals and trend strength, has crossed below zero and is currently printing a value of -25.13.

That is the first negative value since the first week of February.

Histogram's latest drop below the zero lines indicates the rally from lows near $3,700 seen in the first week of February topped out at $13,880 in June and the bears have regained control.

Bitcoin bottomed out in January 2015 near $150 and rose to a record high of $20,000 in December 2017.

BTC's pullback from the November 2015 high of $502 ended near $360 with the weekly MACD falling below zero in February 2016.

On similar lines, BTC charted a higher low at $592 with the MACD's bearish turn in the first week of August 2016.

Essentially, the rally from lows near $4,050 seen in April has stalled near $12,000 and a weekly close above that level is needed to confirm bullish revival.