Bitcoin Confirms “Bull Trend,” A Close Above $8,800 Would be a “Very Good” Sign
- Bulls aiming to close over previous week highs of $8,800 that would be a very good sign
- 3 Day Guppy chart confirms a bull trend as it flipped green
Over the weekend, Bitcoin entered into a new month June, starting at $8,500 after ending the last month where it experienced the best month of 2019 and crypto winter that marked the profits of 62 percent.
Though Bitcoin has surged 50 percent in the last 30-days, in the past 7-days due to its drop from $9,100 to below $8,000 and making a recovery from there, we saw the change in negative 1.87 percent.
Since kicking off June at around $8,500, Bitcoin briefly moves above $8,800 yesterday only to drop down to $8,545 level. Currently, the leading cryptocurrency by market capitalization is trading at $8,600 with 24 hours gains of 0.36 percent.
BTC/USD is now aiming for closing at $8,800, that was the previous week highs. If we manage to take over this level, crypto analyst FlibFlob says, it would be very bullish for the cryptocurrency.
— fil₿fil₿ (@filbfilb) June 2, 2019
In order to assess the current market situation, crypto trader and investor Josh Rager takes a look at the 3 day Guppy chart that confirms the bull trend as it flips green.
Rager says, Guppy is a lagging indicator but he says it makes for “strong confirmation” and now we are seeing the 1 week trend turning from red to grey that signals the end of the bear market. This occurred after the Bitcoin price pushed past $7,000.
Meanwhile, on the topic of if dips in Bitcoin price are actually for buying, Rager goes with a “strong” yes because of the fact that despite seeing strong pullbacks last weeks the resulting correction only “serve to refuel a strong move up post-correction.”
This has been proven time and again as in the past when we saw an average of 150 percent gains between ever approximately 30 percent pullback the flagship cryptocurrency registers.
Rager cautions that with Bitcoin and cryptocurrency markets, “anything can happen” because these are easily manipulated markets especially given the revelation that 95 percent of the exchange volumes are fake.
However, he says until we close below the $5,500 area on a weekly level, he remains bullish which is solidified by the Bitcoin’s recent movement where we closed out the strongest monthly candle since 2017.