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February 04, 2020, 12:57:01 AM |
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As an analyst, I analyzed the causes of the rise of Bitcoin and analyzed seven reasons.
It is as follows.
1. BTC recently took the monthly price support of the key 21-month exponential moving average, then closed above the 10-month exponential moving average. This was underscored by the fact that Bitcoin scored a higher high in the monthly close, killing the downtrend.
2. Bitcoin’s weekly Relative Strength Index (RSI) recently moved above the key 55 range, which has historically been an inflection point for the market; when the RSI is above 55, BTC is technically in a bull market.
3. The leading cryptocurrency has moved above the 200-day moving average. I think that this is a sign of a bull market, and Fundstrat’s Tom Lee agrees.
4. The 50-day exponential moving average and 200-day exponential moving average recently saw a bullish cross.
5. The weekly Super Guppy indicator has started to trend green, something that preceded historical bull markets.
6. Bitcoin’s Ichimoku Cloud has crossed into green, suggesting a bull trend.
7. The halving is taking place soon, which should help boost prices in the long run due to a strong decrease in incoming supply, affecting the supply-demand dynamics fo this market.
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