Bitcoin Just Printed This Historically Bullish Uptrend Signal

Bitcoin Just Printed This Historically Bullish Uptrend Signal


Bitcoin may be poised to recover further despite weakness in altcoins. An analyst noted that BTC just bounced off a pivotal moving average. This moving average Bitcoin held multiple times during the last bull cycle’s bull market corrections. Bitcoin Just Formed This Historically Accurate Uptrend Signal

As noted by a Bitcoin chartist, the leading cryptocurrency just formed an auspicious uptrend signal: after a bull market correction, BTC bounced cleanly off the 128-day simple moving average.

This is important as in bull markets, the cryptocurrency has historically found a bid at this specific support level. Bitcoin doing so now suggests that it is in a long-term uptrend.

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“Willy Woo’s 128 day MA has done a decent job at signaling support/resistance and is currently offering support.”

Chart of BTC’s price action over the past few years and past few weeks with moving average analysis by crypto trader “Nunya Bizniz” (@pladizow on twitter). Chart from TradingVIew.com

Willy

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