‘Bitcoin Price Bullish Momentum to Continue for a Year if $9,000 Support Level is Not Broken’
Bitcoin (BTC) has traded below the $10,000 USD mark for the better part of the past week as bears take over the market. However, one upcoming analyst, Nunya Bizniz, sent a tweet showing the possibility of a bullish run in the coming months. Nunya pointed out the 15 month Volume Weighted Moving Average has crossed below the price which is a bullish signal for BTC’s price. The cross occurred earlier in the year and offers investors hope of breaking the all-time high price before the end of the year.
Signals are always late, never wrong. BTC's 15 month volume weighted moving average sees a golden cross (Source: Nunya Bizniz)
While the crossing represents only an indicator of what is to happen in the coming months, bulls in Bitcoin are hopeful for an extended bullish momentum. The last time the price crossed above the 15 month volume Weighted Moving Average in late 2015, the bullish momentum extended for over a year. This shows BTC price may continue appreciating in the coming year or so.
Bitcoin Price in the Consolidation Phase, Targets $9,000 Support Level
Despite the pioneer cryptocurrency showing signs of long term bullish momentum, the short term price looks to fall below the current $9,600 USD mark. A technical cryptocurrency analyst, Yorke780, published a tweet on the possibility of an incoming bearish trend as the directional movement index (DMI) of BTC witnessed a bear cross which shows the BTC’s bullish run is nearing its end.
The Directional Movement Index (DMI) sees a bear cross showing a possible bear run in coming days. (Image: Yorke780)
The price is expected to drop to the $9,000 USD support level before bouncing back to start a refreshed bullish momentum that may well push it past its ATH.
Bitcoin (BTC) price faces a consolidation towards the $9,000 USD support level. A bullish momentum expected? (Image: TradingView/@KenyanMiner)