Bitcoin Price Exploded in 25-Month Bull Rage the Last Time This Happened
By CCN: According to technical analyst Josh Rager, the 3-day Guppy Multiple Moving Average (GMMA) on the bitcoin price trend has turned green following bitcoin’s recent rally. The last time this technical indicator signaled a change in trend, it led to a 25-month bull run.
$BTC: 3-Day Super Guppy Flipped Green
I've been waiting for this for weeks to confirm the bull trend
While the 1-Day Guppy can give fake-outs, the 3-Day is a nice signal for continuation and that dips are buying
The last time the 3D flipped green it led to a 25 month uptrend pic.twitter.com/fHwPs2EtSE
— Josh Rager 📈 (@Josh_Rager) May 28, 2019
With key technical indicators signaling the formation of a bullish trend for bitcoin and the rest of the crypto market, traders have started to consider the possibility of the rally of bitcoin sustaining throughout the short to medium-term without a significant pullback.
Would a bitcoin pullback ever occur?
In technical analysis, GMMA is often utilized as an indicator that spots changes in trend and potential breakouts by evaluating the momentum of the market.
Cory Mitchell, a swing trader who worked with Fortune 500 companies, described the GMMA as an indicator of trend strength.
“The degree of separation between the short- and long-term moving averages can be used as an indicator of trend strength. If there’s a wide separation, then the prevailing trend is strong. Narrow separation, or lines that are crisscrossings, indicates a weakening trend or a period of consolidation,” said Mitchell.
The 3-day GMMA has indicated a change in trend to the upside for bitcoin for the first time since 2016, demonstrating the strength of the current movement of major crypto assets.
