Bitcoin Flashes Bullish Signal Not Seen Since 2014 – Analysts Expect A Massive BTC Move
Amidst all kinds of predictions about the price of Bitcoin these days, a new pattern is spotted.
Despite the uncertainty surrounding Bitcoin, the king coin just flashed a bullish signal that has not been seen in six years.
Bitcoin flashes a bullish signal
According to the latest reports coming from the online publication, the Daily Hodl, crypto analyst Eric Thies highlighted a trend indicator known as the KDJ.
The interesting issue is that this has made a bullish cross on the six-month timeframe for the first time since 2014.
Notes on this crazy high TF but I’ll gladly give hopium when I see it
6M KDJ crossed bullish when it closed in July, confirming an unmistakably bullish 6M hammer at the same time.
— Eric Thies (@KingThies) October 6, 2020
The online publication mentioned above explains that “the KDJ indicator is an extension of the stochastic oscillator, which is used by traders to predict changes in an asset’s trend.”
It’s important to highlight the fact that this latest KDJ cross is suggesting that BTC’s trend, in the long run, is shifting from a bearish one to bullish.
Bitcoin might have a bearish fate in the future, but analysts are not quite sure of the king coin’s trajectory in the short term.
The same online publication mentioned above brings up crypto strategist and trader Smart Contracter who said that Bitcoin is about to make a move as the king crypto approaches the apex of a triangle.
trump tweetstorms fucked everything again, no stimulus until after elections, $btc looking average again and likely in some kind of triangle here, not sure which way it breaks but i will be watching the break and retest to trade whatever way that may be. pic.twitter.com/6wB72ajTRJ
— 👨🌾Farmer Bluntz👨🌾 (@SmartContracter) October 6, 2020
At the moment of writing this article, BTC is trading in the green and the coin is priced at $10,883.49.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.