Bitcoin Price Eyes Chart Pattern That Kicked Off Bull Market in 2015


Published 1y ago via coindesk.com

Bitcoin Price Eyes Chart Pattern That Kicked Off Bull Market in 2015
Coin Desk via coindesk.com

View Bitcoin price’s three-day chart 50- and 100-candle moving averages look set to produce a bullish crossover – a sign of bull market momentum. The three-day chart 50-candle moving average (MA), currently located at $5,182, is trending north and could soon cross above the 100-candle at $5,289, confirming a bullish crossover – the first since October 2015, according to Bitstamp data.

3-day chart (2015) As can be seen, BTC’s bear market ran out of steam at lows near $150 in January 2015, following which the price remained largely trapped in $200-$300 range for nine months before confirming a bearish-to-bullish trend change with a move above the July 12 high of $318 on Oct. 28. Notably, the 50- and 100-candle MAs had produced a bullish crossover on Oct. 16 – twelve days before BTC broke into a bull market.

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