A crypto analyst known in the industry as Crypto Thies says the moving average convergence divergence (MACD) measure is now bullish for Bitcoin.
The lagging indicator is designed to help traders determine if bullish or bearish movement in the price of an asset is getting stronger or weaker. This marks the first time the popular indicator has turned green in more than a year.
The 2W MACD has crossed in a buy signal on $BTC. We opened @ approx $4k.
The last time it happened? May 2015. #Bitcoin opened around $240.
We can still drop in accumulation, but the bottom is in 'folks. pic.twitter.com/5X7Dc9qc5S
— Parabolic Thies 📈 (@KingThies) April 16, 2019
Crypto Thies is standing by his prediction that BTC could soon dip back into the $4,300 range, before soaring as high as $8,400 in the “coming weeks”.
In contrast, a number of crypto analysts say the bear market is not over yet, and Bitcoin may again fall to or below its bottom of around $3,200, which BTC hit in December of 2018. Civic CEO Vinny Lingham recently told CNBC’s crypto trader he won’t believe a Bitcoin bull run is real until BTC crosses $6,200 and remains there for at least a day or two. Meanwhile, former Wall Street trader and vice president at JPMorgan Chase, Tone Vays, says he still believes Bitcoin could plunge to $3,000 or lower in the months ahead.
Right now, the crypto market is a sea of green, as Bitcoin flirts with $5,300. According to Coin360, BTC is up 1.19% at $5,285. Ethereum is up 5.59% at $175.20, and XRP is up 1.11% at $0.3385.
Technical analysts are divided on Bitcoin’s trajectory in the short term, looking a bit more bullish on Ethereum, XRP and Litecoin.
Blockonomi – Strong uptrend and bulls aiming for $6,000
Coinspeaker – Stochastic divergence indicates downside move to $4,848
Coinspeaker – ETH/USD broke up at $168, targeting $178 price level
FXStreet – XRP/USD facing big barrier at $0.3500
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