Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: micko09 on September 05, 2018, 10:04:19 AM
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The list of indicators signaling a long-term bullish reversal in bitcoin (BTC) continues to grow with each passing week.
The latest to join the list is the MACD histogram, which has moved above zero – turned bullish – for the first time since January. The MACD, which oscillates above and below the zero line, is one of the most popular technical indicators used to determine a trend's reversal and momentum.
A bearish-to-bullish trend change is confirmed when the histogram moves above the zero line. On the other hand, a bearish reversal is confirmed when it dips below zero.
The bullish turn of the MACD adds credence to BTC's strong defense of the psychological support of $6,000 in the last 10 weeks.
Further, it validates bearish exhaustion indicated by BTC's long-tailed monthly candle and the record low net shorts in the BTC futures market.
At press time, BTC is trading at $7,320 on Bitfinex, representing a 0.8 percent appreciation on a 24-hour basis.
Read more: https://www.coindesk.com/bitcoin-indicator-turns-bullish-for-first-time-in-8-months/
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Whenever bitcoin gives positive signals, strange things start to happen in the market. There is a strong price suppression, as if some people don't want it to rise. There is no coherent explanation for today's $ 500 decline.