Bitcoin Price Bounced off The 50 & 200 Week Moving Averages: Bullish Trend Looks Strong
If there ever was a time to be bullish about Bitcoin, then this is it, this is the time. The last bull run was exciting at the least; however, the coming one is going to change the entire decentralized industry. Things are looking too good for Bitcoin, and the only way it can go from here if everything plays out perfectly is up.
Golden cross on daily ✅
50/100 week MA crossover ✅
Bounce off 50 week MA ✅
Bounce off 200 week MA ✅
Hashrate near ATH ✅
Price above $10k ✅
Halving in less than 3 months ✅
But sure, you should keep waiting for bullish confirmation
— Crypto₿ull (@CryptoBull) February 18, 2020
Charts are Healthy Despite Correction
It’s like the stars aligned for Bitcoin’s dominance. The golden cross signals a continuing uptrend in the next few days or weeks. When it occurred back in 2015, Bitcoin went on to rally past $10,000, reaching an all-time high of almost $20,000 in 2017. More lucrative figures may be achieved this time.
The Golden Cross is probably the strongest bullish signal you can get on a Technical Analysis.
The last time it played out for #Bitcoin, it resulted on a 213% price rise. Now it's happeninig again.
The target would be $28,000. pic.twitter.com/gFQx6iJiAH
— Crypto Rand (@crypto_rand) February 18, 2020
Its 50/100-week MA crossover is in line with the appearance of the golden cross, which usually occurs when the short term moving average crosses over the long-term moving average.
Bouncing off the 50 week and 200 week MA is also significant as they are crucial indicators of the future trend of the asset.
Back in 2015, the 2014-2015 bear market came to an end after Bitcoin broke the 100-week MA. It later tested it as support in 2016 before rising parabolically towards 2017. When Bitcoin fell below $6,000 after the 2018 bear market, it was indicated by a fall below the 100-week MA.
The Bitcoin hash rate is also approaching an all-time high showing the attractiveness of the cryptocurrency to the miners. It also means it is more secure due to the higher computing power of its mining network.
Moreover, the halving is also approaching in a few weeks.
These factors, bundled up together, suggest that Bitcoin is on its way to a parabolic rise better than the one witnessed in 2017.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org