Bitcoin (BTC) exhibits strong signals of utterly bullish crossover even though it trades below $10,000 for the 4th day in the row. However, this happens to be an anticipated fall after the BTC price faced a strong rejection above $10,500 and is seen consolidating downwards to have a persistent trade above $10,000 and $10,500.
This is rightly and strongly supported by the “golden crossover” that is likely to take place before the end of the trading day today. The 50-day MA will be crossing above the 200-day MA, strengthening the long-term support for Bitcoin.
— BitcoinProfits (@profits_bitcoin) February 18, 2020
Interestingly, Bitcoin, after its previous “golden crossover” in April 2019, was seen making impressive growth from the trading BTC Value of $5,060 to mounting at $13,000 and marking a progression of 165% in a matter of just 2 months.
Having said this, we see the daily movement of Bitcoin to USD, and the trend notably appears rising with moderate volatility expected to be faced in the upcoming days. Confirming the same with the 20-day Bollinger Bands laid, the most awaited “golden crossover” lies outside the lower Bollinger band and is likely to be a turning point. The instigation of a strong Bull Run is a sure shot probable event, if the history repeats and the technicality is ought to work.
The previous Bull Run manifested 2019 high above $13,000 and if we consider a similar growth or rounding it up to 150%, we are likely to see massive returns before the first half of the year ends.
However, currently, the other technical indicators laid show bearish divergence due to intraday downward correction as the signal line crosses above the MACD line and the RSI of Bitcoin lies at 53.95, with a slight dip.