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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h228">A bullish convergence </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h366">A double-bottom breakout </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h444">A rare buying signal   </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    CNBC crypto trader&nbsp;Big Cheds <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">has noticed</a> that Bitcoin's current technical picture is similar to that of&nbsp;October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over&nbsp;two years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A bullish convergence&nbsp;
    
    The chart below shows a rare case when an 8-day exponential moving average&nbsp;(8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after <a rel="nofollow" target="_blank" href="#">a botched rally</a> to $9,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">@BigCheds</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A double-bottom breakout&nbsp;
    
    Technical analyst&nbsp;Scott Merkel also <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">pointed to the fact</a> that&nbsp;bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued&nbsp;hint about where Bitcoin is heading next in the short-term.
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">@scottmelker</a></em>
    The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be&nbsp;spotted&nbsp;on charts. As the name suggests, this formation is seen after two local bottoms form,&nbsp;followed by quick price recoveries. This a tell-tale sign that usually confirms the&nbsp;end of a downtrend.&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A rare buying signal &nbsp;&nbsp;
    
    As <a href="https://u.today/one-indicator-shows-bitcoin-btc-might-have-started-another-bull-run">reported by U.Today</a>, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this&nbsp;happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019.&nbsp;
    image by&nbsp;<a rel="dofollow" href="https://www.tradingview.com/chart/owgYyEJF/">tradingview.com</a>
    <em>What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!&nbsp;</em>&nbsp;
    ') (Line: 1133)
    Drupal\cryptocompare\TwigExtension\RemoveSpace->formatbody(Array) (Line: 54)
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    Drupal\Core\Theme\ThemeManager->render('field', Array) (Line: 436)
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    call_user_func(Array, Object, 'kernel.view', Object) (Line: 111)
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    Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard('
                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h228">A bullish convergence </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h366">A double-bottom breakout </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h444">A rare buying signal   </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    CNBC crypto trader&nbsp;Big Cheds <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">has noticed</a> that Bitcoin's current technical picture is similar to that of&nbsp;October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over&nbsp;two years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A bullish convergence&nbsp;
    
    The chart below shows a rare case when an 8-day exponential moving average&nbsp;(8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after <a rel="nofollow" target="_blank" href="#">a botched rally</a> to $9,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">@BigCheds</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A double-bottom breakout&nbsp;
    
    Technical analyst&nbsp;Scott Merkel also <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">pointed to the fact</a> that&nbsp;bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued&nbsp;hint about where Bitcoin is heading next in the short-term.
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">@scottmelker</a></em>
    The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be&nbsp;spotted&nbsp;on charts. As the name suggests, this formation is seen after two local bottoms form,&nbsp;followed by quick price recoveries. This a tell-tale sign that usually confirms the&nbsp;end of a downtrend.&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A rare buying signal &nbsp;&nbsp;
    
    As <a href="https://u.today/one-indicator-shows-bitcoin-btc-might-have-started-another-bull-run">reported by U.Today</a>, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this&nbsp;happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019.&nbsp;
    image by&nbsp;<a rel="dofollow" href="https://www.tradingview.com/chart/owgYyEJF/">tradingview.com</a>
    <em>What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!&nbsp;</em>&nbsp;
    ') (Line: 1133)
    Drupal\cryptocompare\TwigExtension\RemoveSpace->formatbody(Array) (Line: 54)
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  • Warning: Undefined array key 1 in Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard() (line 3111 of modules/custom/cryptocompare/src/TwigExtension/RemoveSpace.php).
    Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard('
                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h228">A bullish convergence </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h366">A double-bottom breakout </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h444">A rare buying signal   </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    CNBC crypto trader&nbsp;Big Cheds <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">has noticed</a> that Bitcoin's current technical picture is similar to that of&nbsp;October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over&nbsp;two years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A bullish convergence&nbsp;
    
    The chart below shows a rare case when an 8-day exponential moving average&nbsp;(8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after <a rel="nofollow" target="_blank" href="#">a botched rally</a> to $9,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">@BigCheds</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A double-bottom breakout&nbsp;
    
    Technical analyst&nbsp;Scott Merkel also <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">pointed to the fact</a> that&nbsp;bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued&nbsp;hint about where Bitcoin is heading next in the short-term.
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">@scottmelker</a></em>
    The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be&nbsp;spotted&nbsp;on charts. As the name suggests, this formation is seen after two local bottoms form,&nbsp;followed by quick price recoveries. This a tell-tale sign that usually confirms the&nbsp;end of a downtrend.&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A rare buying signal &nbsp;&nbsp;
    
    As <a href="https://u.today/one-indicator-shows-bitcoin-btc-might-have-started-another-bull-run">reported by U.Today</a>, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this&nbsp;happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019.&nbsp;
    image by&nbsp;<a rel="dofollow" href="https://www.tradingview.com/chart/owgYyEJF/">tradingview.com</a>
    <em>What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!&nbsp;</em>&nbsp;
    ') (Line: 1133)
    Drupal\cryptocompare\TwigExtension\RemoveSpace->formatbody(Array) (Line: 54)
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    Twig\Template->render(Array, Array) (Line: 40)
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  • Warning: Undefined array key 1 in Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard() (line 3114 of modules/custom/cryptocompare/src/TwigExtension/RemoveSpace.php).
    Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard('
                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h228">A bullish convergence </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h366">A double-bottom breakout </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h444">A rare buying signal   </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    CNBC crypto trader&nbsp;Big Cheds <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">has noticed</a> that Bitcoin's current technical picture is similar to that of&nbsp;October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over&nbsp;two years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A bullish convergence&nbsp;
    
    The chart below shows a rare case when an 8-day exponential moving average&nbsp;(8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after <a rel="nofollow" target="_blank" href="#">a botched rally</a> to $9,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">@BigCheds</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A double-bottom breakout&nbsp;
    
    Technical analyst&nbsp;Scott Merkel also <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">pointed to the fact</a> that&nbsp;bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued&nbsp;hint about where Bitcoin is heading next in the short-term.
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">@scottmelker</a></em>
    The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be&nbsp;spotted&nbsp;on charts. As the name suggests, this formation is seen after two local bottoms form,&nbsp;followed by quick price recoveries. This a tell-tale sign that usually confirms the&nbsp;end of a downtrend.&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A rare buying signal &nbsp;&nbsp;
    
    As <a href="https://u.today/one-indicator-shows-bitcoin-btc-might-have-started-another-bull-run">reported by U.Today</a>, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this&nbsp;happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019.&nbsp;
    image by&nbsp;<a rel="dofollow" href="https://www.tradingview.com/chart/owgYyEJF/">tradingview.com</a>
    <em>What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!&nbsp;</em>&nbsp;
    ') (Line: 1133)
    Drupal\cryptocompare\TwigExtension\RemoveSpace->formatbody(Array) (Line: 54)
    __TwigTemplate_75845256f703f5319a38e035b4af7dd9->doDisplay(Array, Array) (Line: 394)
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    Twig\Template->display(Array) (Line: 379)
    Twig\Template->render(Array, Array) (Line: 40)
    Twig\TemplateWrapper->render(Array) (Line: 53)
    twig_render_template('themes/cryptod/templates/field--body.html.twig', Array) (Line: 372)
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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h228">A bullish convergence </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h366">A double-bottom breakout </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h444">A rare buying signal   </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    CNBC crypto trader&nbsp;Big Cheds <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">has noticed</a> that Bitcoin's current technical picture is similar to that of&nbsp;October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over&nbsp;two years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A bullish convergence&nbsp;
    
    The chart below shows a rare case when an 8-day exponential moving average&nbsp;(8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after <a rel="nofollow" target="_blank" href="#">a botched rally</a> to $9,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">@BigCheds</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A double-bottom breakout&nbsp;
    
    Technical analyst&nbsp;Scott Merkel also <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">pointed to the fact</a> that&nbsp;bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued&nbsp;hint about where Bitcoin is heading next in the short-term.
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">@scottmelker</a></em>
    The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be&nbsp;spotted&nbsp;on charts. As the name suggests, this formation is seen after two local bottoms form,&nbsp;followed by quick price recoveries. This a tell-tale sign that usually confirms the&nbsp;end of a downtrend.&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A rare buying signal &nbsp;&nbsp;
    
    As <a href="https://u.today/one-indicator-shows-bitcoin-btc-might-have-started-another-bull-run">reported by U.Today</a>, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this&nbsp;happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019.&nbsp;
    image by&nbsp;<a rel="dofollow" href="https://www.tradingview.com/chart/owgYyEJF/">tradingview.com</a>
    <em>What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!&nbsp;</em>&nbsp;
    ') (Line: 1133)
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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h228">A bullish convergence </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h366">A double-bottom breakout </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h444">A rare buying signal   </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    CNBC crypto trader&nbsp;Big Cheds <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">has noticed</a> that Bitcoin's current technical picture is similar to that of&nbsp;October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over&nbsp;two years.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A bullish convergence&nbsp;
    
    The chart below shows a rare case when an 8-day exponential moving average&nbsp;(8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after <a rel="nofollow" target="_blank" href="#">a botched rally</a> to $9,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/BigCheds/status/1221590670969884678">@BigCheds</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A double-bottom breakout&nbsp;
    
    Technical analyst&nbsp;Scott Merkel also <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">pointed to the fact</a> that&nbsp;bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued&nbsp;hint about where Bitcoin is heading next in the short-term.
    <em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1221497267426861056?s=19">@scottmelker</a></em>
    The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be&nbsp;spotted&nbsp;on charts. As the name suggests, this formation is seen after two local bottoms form,&nbsp;followed by quick price recoveries. This a tell-tale sign that usually confirms the&nbsp;end of a downtrend.&nbsp;&nbsp;
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    A rare buying signal &nbsp;&nbsp;
    
    As <a href="https://u.today/one-indicator-shows-bitcoin-btc-might-have-started-another-bull-run">reported by U.Today</a>, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this&nbsp;happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019.&nbsp;
    image by&nbsp;<a rel="dofollow" href="https://www.tradingview.com/chart/owgYyEJF/">tradingview.com</a>
    <em>What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!&nbsp;</em>&nbsp;
    ') (Line: 1133)
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Is Bitcoin 1 Ready for Another Bull Run? Technical Analysis Says Yes

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Mon, 27/01/2020 - 15:30
Is Bitcoin 1 Ready for Another Bull Run? Technical Analysis Says Yes
Cover image via 123rf.com
Read U.TODAY on
Google News
Contents
Advertisement

CNBC crypto trader Big Cheds has noticed that Bitcoin's current technical picture is similar to that of October 2015, which marked the end of the previous bear market. Back then, BTC was trading at just $250 before rocketing to a staggering $20,000 in just over two years.           

card

A bullish convergence 

The chart below shows a rare case when an 8-day exponential moving average (8-day EMA) and 20-day moving average (20 MA) are converging at the same point. Of course, that doesn't necessarily mean that another golden bull run is just around the corner but it's nonetheless a good sign for the bulls who had to lower their expectations after a botched rally to $9,000.               

Bitcoin Price
image by @BigCheds

card

A double-bottom breakout 

Technical analyst Scott Merkel also pointed to the fact that bulls managed to pull off a double-bottom breakout on the hourly chart. While this is a low-time-frame chart, it could give traders a much-valued hint about where Bitcoin is heading next in the short-term.

Bitcoin Price
image by @scottmelker

The double bottom (as opposed to the double top) is a bullish reversal pattern that can often be spotted on charts. As the name suggests, this formation is seen after two local bottoms form, followed by quick price recoveries. This a tell-tale sign that usually confirms the end of a downtrend.  

card

A rare buying signal   

As reported by U.Today, Bitcoin also recently flipped above the middle Bollinger band on the weekly chart, which has proven to be a reliable bullish signal in the past. Last time this happened, Bitcoin started its headline-grabbing rally in April that culminated in the BTC price reaching its yearly high of $13,888 in June 2019. 

BTC2
image by tradingview.com

What's your take on Bitcoin's recent price moves? Feel free to share your take in the comments!  

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