One Indicator Shows Bitcoin (BTC) Might Have Started Another Bull Run

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Sun, 01/26/2020 - 22:00
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Alex Dovbnya
Bitcoin (BTC) shows a rare buy signal on its weekly chart but bulls should still exercise caution
One Indicator Shows Bitcoin (BTC) Might Have Started Another Bull Run
Cover image via www.123rf.com

Popular crypto trader 'Anondran' has noticed one indicator that might indicate the advent of a new bull market. 

In his tweet, Anondran wrote that Bitcoin managed to flip above the middle Bollinger band on the weekly chart. This line represents a simple 20-day moving average, which is situated between upper and lower bands.

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Historically, this has been a surefire indicator of bearish-to-bullish trend reversals for the number one cryptocurrency.     

Bitcoin Price
image by @anondran 

Recently, John Bollinger, the creator of the aforementioned indicator, took to Twitter to calm down the bulls by saying that BTC retraced right to the middle BBs

If the BTC price continues to move towards the upper band, traders can anticipate the continuation of the January rally that failed to pick up steam by the end of the month.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.