RATE Group | Bitcoin Explodes as Rare Bull Signal Flashes For the First Time in 10 Months
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Bitcoin Explodes as Rare Bull Signal Flashes For the First Time in 10 Months

06 Feb Bitcoin Explodes as Rare Bull Signal Flashes For the First Time in 10 Months

Posted at 13:33h in Bitcoin News by

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Bitcoin was trending higher through the early European session on Thursday as a very rare bull signal flashed for the first time in 10 months.

Dubbed as Ichimoku Cloud, the technical indicator turned green to identify a long-term upside trend shortly after bitcoin surged towards $9,769.70 on Wednesday. It also hinted at the imminent formation of a Golden Cross – a popular candlestick pattern that predicts an upcoming bull market.

bitcoin, cryptocurrency

History of Ichimoku Cloud rollovers | Source: TradingShot

Gains All the Way

Analysts at trading signals provider TradingShot called out Ichimoku Cloud for its historical accuracy in the past three years. They noted that the indicator correctly determined trend directions. On October 11, 2019, for instance, the Ichimoku Cloud turned red that soon followed the formation of a Death Cross – the opposite of Golden Cross.

Bitcoin fell by circa 25 percent shortly after the bearish signal.

Similarly, when the Ichimoku Cloud rolled over to green on April 20, 2019,…

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