3 Key Metrics Suggest Bitcoin Price Has Completed Its Macro Bear Cycle
Cointelegraph By Keith Wareing's original article for cointelegraph.com reduced by 58%
Whilst the Bitcoin price action may seem bearish to some, the leading digital asset has several bullish indicators that hint towards an imminent recovery. As Bitcoin enters the last month of 2019, will the king of cryptocurrencies finish on a bullish rally, or fall to a yearly low? Multiple attempts were made to break $9,500, but this failed to materialize and what came next was three and a half weeks of pain as Bitcoin plummeted to around $6,500 on Nov. 25.The good news is that Bitcoin seemed to bounce off its new floor and quickly gained over $1,300 from it's low, changing the trend on the daily chart from bearish to bullish.
The Moving Average Divergence Convergence indicator shows that Bitcoin seems to be on target for a bullish cross when the daily candle closes. On Nov.29 the CME market closed at $7,800 and at the time of writing, Bitcoin is currently trading at $7,300. The weekly Bitcoin chart shows that the support on the Bolinger Bands indicator has been broken twice in as many weeks.
Bullish scenarioWith a pending bullish MACD cross and the possible CME gap-fill to $7,800 this week, traders could look for Bitcoin to hold $7,800 as a new level of support.
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