Bullish sentiment is already flowing back into bitcoin markets. So far in 2020 BTC has made 13% and more is yet to come as a major buy signal flashes green.
Bitcoin Reclaims $8,000
From an intraday low of $7,700, BTC has climbed an impressive 7% to top out at $8,250 during Asian trading today. Since then it has pulled back marginally but remains in the bullish territory above the psychological $8k barrier.
The geopolitical dust is starting to settle in the Middle East but BTC has held on to its gains so far as bullish momentum starts to build.
Longer-term signals such as the 50 day moving average have started to turn positive by turning upwards for the first time since September.
On the weekly chart the 50 and 200-week moving averages are still in a strong uptrend so the long term picture is still positive.
Popular crypto analyst ‘Financial Survivalism’ has observed another longer-term technical indicator noting that it has switched to a ‘buy’ signal for the first time since March 2019.
“Since Aug 2018 the Lucid SAR is beating…