Summary
- CoinDesk reported that MACD, a long-term trend indicator for Bitcoin, recently turned into a buy signal.
- It said the MACD is a highly reliable indicator that also flashed buy signals in December last year and February this year, both of which were followed by meaningful rebounds.
- CoinDesk said a decisive move above $71,147, Bitcoin's 200-day moving average, would increase the likelihood of a full-fledged uptrend if the token extends its gains.
Forecast Trend Report by Period
A technical indicator signaling Bitcoin's long-term trend has turned bullish on the chart.
CoinDesk reported on July 10 that the moving average convergence divergence, or MACD, recently shifted to a buy signal for Bitcoin.
The MACD measures the strength of upward and downward price momentum. When it turns to a buy signal, traders generally interpret that as a sign the uptrend has a greater chance of continuing.
CoinDesk said the indicator also flashed a sell signal just before the sharp October drop. It pointed to buy signals in December last year and February this year that were followed by meaningful rebounds, adding that the MACD is currently a highly reliable indicator.
CoinDesk also said $71,147, Bitcoin's 200-day moving average, is the most important level if the token resumes climbing. The 200-day moving average is a widely used measure of the long-term trend and acted as resistance in May, when it halted Bitcoin's rebound. A decisive break above that level would increase the likelihood of a full-fledged uptrend, CoinDesk said.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.