A contrary technical analysis indicator is about to turn bearish, signaling an end to bitcoin's decline and a bullish revival ahead, reports godbole17
A three-day-candlestick chart shows the simple moving average of the past 100 candlesticks is on the verge of crossing below the 200-candle SMA, confirming the first bearish crossover of the two averages since December 2018.
The averages crossed bearishly in December 2018, trapping sellers on the wrong side of the market. Bitcoin bottomed near $3,200 and spent the following three months building a base for a rally. The cryptocurrency hit a high of $13,800 by the end of June 2019.
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