Bitcoin bulls could witness significant gains as one of the weekly MACD is about to flash green.
When the weekly MACD turned bullish back in February 2019, the leading cryptocurrency stunned investors with its impressive run to the yearly high of $13,888.
Not there yet
According to the chart posted by trader YORK780, the indicator has already turned green after buyers stepped in to defend the $8,600 support. This tiny green bar could mean that Bitcoin is ready for another rally.
However, it is worth noting that there are five more days left in this week. Given the unprecedented level of volatility that BTC tends to display, one shouldn't exclude another market turnaround.
On top of that, the weekly MACD is not yet in the green if to apply default TradingView settings.
A lagging indicator
Bitcoin has so far witnessed its best start of the year since 2012 but many fear that the upcoming Chinese New Year could traditionally cause a sell-off.
Hence, even if the MACD definitely crosses bullish as early as this week, it could turn out to be just another bull trap that will be similar to the one that took place in September 2018.
This bullish signal gave false hope to the bulls that ended up seeing BTC tanking to $3,100 in December 2018.
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