Summary
- Bitcoin's key technical indicator, the MACD histogram, has turned positive, signaling a mid-to-long term upward rally.
- A CoinDesk analyst noted that in the past five years, 4 out of 5 instances of the MACD histogram turning positive resulted in an upward trend.
- Currently, Bitcoin is likely to show a strong rebound using the 50-week Simple Moving Average (SMA) as support.
On the 14th (local time), cryptocurrency-focused media outlet CoinDesk reported that Bitcoin's (BTC) key technical indicators are signaling a mid-to-long term upward rally.
Omkar Godbole, a CoinDesk analyst, stated, "Bitcoin's Moving Average Convergence Divergence (MACD) histogram has turned into the positive (+) territory," adding, "This is a technical structure similar to early 2023 and the second half of last year, during which Bitcoin showed a strong rebound using the 50-week Simple Moving Average (SMA) as support."
He added, "In the past five years, there have been a total of five instances where the MACD histogram turned positive, and only in March 2022 did it not lead to an upward trend."
This suggests that technically, Bitcoin is likely to continue its rally.
A positive turn in the MACD histogram is generally interpreted as a major signal for strengthening buying momentum and trend reversal.
Meanwhile, BTC is trading at $103,399.62, down 0.27% from the previous day, as of 00:09 on the 15th in the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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