RATE Group | Bitcoin Indicator Turns Bullish for First Time in 8 Months
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Bitcoin Indicator Turns Bullish for First Time in 8 Months

04 Sep Bitcoin Indicator Turns Bullish for First Time in 8 Months

Posted at 12:16h in Bitcoin News by

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The list of indicators signaling a long-term bullish reversal in bitcoin (BTC) continues to grow with each passing week.

The latest to join the list of a select few is the MACD histogram, which has moved above zero – turned bullish – for the first time since January.

The MACD histogram, which oscillates above and below the zero line, is one of the most popular technical indicators used to determine the trend reversal and momentum.

A bearish-to-bullish trend change is confirmed when the histogram moves above the zero line. On the other hand, a bearish reversal is confirmed when the histogram dips below zero.

The bullish turn of the MACD histogram adds credence to BTC’s strong defense of the psychological support of $6,000 in the last ten weeks.

Further, it validates bearish exhaustion indicated by BTC’s long-tailed monthly candle and the record low net shorts in the BTC futures market.

At press time, BTC is trading at $7,320 on Bitfinex, representing a 0.8 percent…

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