Bitcoin (BTC) Technical Signal That Has Predicted Historical “Moons” Is Flashing
Bitcoin Looking Bullish
Bitcoin may have dropped by 2% in the past 24 hours, but analysts have kept their heads up high. According to analyst Nunya Bizniz, a technical indicator used by prominent institutional trader-turned-Bitcoin diehard that has predicted previous long-term rallies has shown its face once again. Nunya claims that a specific reading of the indicator, Tom Demark’s Sequential on the monthly chart, which has a fairly notable 71% hit rate, indicates that a “moon” rally for BTC may be inbound.
There is, of course, a chance that the recent spotting of this indicator is a false flag, meaning that a 50% drawdown over the next four months is possible. But all things considered, fundamentals included, BTC may be leaning bullish. Other traders would agree.Crypto Hamster, a trader that focuses on long-term analysis, recently remarked that Bitcoin recently saw a key event unfold on its one-week logarithmic chart. Hamster recently explained that BTC broke out of a descending channel, and moved into an ascending channel that has supported Bitcoin for over two years. This, in the eyes of the analyst, is a sign that the “market made a decision” that bears’ rule might finally be coming to an end.
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