20 Nov Bullish Bitcoin Signal That Preceded Previous Price Increases Identified by Analyst – Be…
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The long-term Bitcoin price has given a positive signal — which suggests that a new market cycle has begun.
Cryptocurrency analyst and trader @CryptoCowJones stated that the Bitcoin price has given a signal which has never previously failed. This is an upward breakout of the Kumo cloud.
The Kumo cloud represents resistance. It is created by two lines whose relationship is very similar to a long- and short-term moving average (MA). Therefore, if the short-term line is above the long-term one, the cloud is green — while when the opposite is true the cloud is red (grey in the tweet).
Let’s analyze this signal.
$BTC has NEVER had failed Kumo breakout in its entire history on the weekly chart#bitcoin pic.twitter.com/CnfJk9GUY5
— Cow Jones (@CryptoCowJones) November 15, 2019
Bitcoin’s Kumo Cloud Breakout
The first time the Bitcoin price broke out from the cloud was in January 2013. An 8357 percent price increase followed until we fell below the cloud. The second time, in 2016, a 4633…
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