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The Bitcoin price just crossed the $9,800 resistance and may be well on its way to smash the major $10,000 physiological resistance next. BTC was trending higher through the early European session on Thursday as a very rare bull signal flashed for the first time in 10 months.
Dubbed as Ichimoku Cloud, the technical indicator turned green to identify a long-term upside trend shortly after bitcoin surged towards $9,769.70 on Wednesday. It also hinted at the imminent formation of a Golden Cross – a popular candlestick pattern that predicts an upcoming bull market.
Analysts at trading signals provider TradingShot called out Ichimoku Cloud for its historical accuracy in the past three years. They noted that the indicator correctly determined trend directions. On October 11, 2019, for instance, the Ichimoku Cloud turned red that soon followed the formation of a Death Cross – the opposite of Golden Cross.
The BTC price fell by circa 25 percent shortly after the bearish signal.
Similarly, when the Ichimoku Cloud rolled over to green on April 20, 2019, bitcoin soon established a Golden Cross on its daily charts. The cryptocurrency later swelled by circa 170 percent to mark its year-to-date high towards $13,868.44. TradingShot explained:
“As you can see on the chart, after every bearish Ichimoku roll-over, a Death Cross follows shortly after. Respectively after every bullish Ichimoku roll-over, a Golden Cross follows. Since the new Ichimoku Bullish roll-over just took place, a new Golden Cross in pending (see on the chart how the MA50 and MA200 have already started to converge).”
The Bitcoin prediction came in tandem with similar bullish expectations all across the bitcoin market. Experts, including billionaire investor Michael Novogratz, the CEO of Galaxy Investment Partners, said the cryptocurrency is eyeing a bull run towards or above $10,000 in the coming sessions.
In what Bitcoin (BTC) supporters are calling “relentless” and “unstoppable”, the BTC network just broke another record today.
For most people, Bitcoin’s success is usually measured in terms of its price. Even if you’re a long-term HODLer, it’s hard not to get excited by some good old-fashioned volatility and epic 32% monthly hikes.
But while the number one cryptocurrency looks set to break $10,000 very soon, other key metrics are equally as impressive right now. News has broken that Bitcoin network transactions just surpassed the half a billion mark today! This number is confirmed by Blockchain.com and comes at a time when the Bitcoin network is hitting new records left and right.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency, especially when trading Crypto. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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