As pointed out this indicator is a parabolic stop and reverse signal that determines the future short-term momentum of a given asset. The dots follow trend and are placed below the price when it is trending upwards and above it when the price is trending downwards. For bitcoin, the SAR has just switched to below the price following a six-month downtrend. The last time it did this was in March 2019 just before the epic Q2 rally that saw prices surge almost 250%. Analyst ‘Willy Woo’ was equally bullish noting that other metrics had also switched in favor of price increases. “Our fund went long a week ago. On-chain flipped 4 weeks ago. Don’t mess with the chain,” Another popular analyst and chart guru ‘dave the wave’ has maintained that the bottom was in and it is all blue skies from here. “I’m quite confident that the bottom is in based on the previous predictions having played out. I’m now looking for confirmation of that bottom, and I think a useful metric for this would be the MACD,”
https://t.co/LDluIYcWNM — dave the wave (@davthewave) January 11, 2020
The moving average convergence divergence is a lagging indicator which on the weekly view does appear to be turning bullish. When the MACD crosses into positive territory, markets are largely considered to be up trending again. So along with the solid fundamentals for 2020, the technicals seem to be catching up so buckle up and enjoy the bitcoin ride. Has bitcoin bottomed out already? Add your comments below.
Images via Bitcoinist Media Library, BTC/USD charts by TradingView, @Sawcruhteez, @davthewave The post appeared first on Bitcoinist.com.
source: https://bitcoinist.com/bitcoins-first-major-buy-signal-since-march-2019-is-here/
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