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Key Bitcoin (BTC) Buy Signal Flashes For First Time Since March Once again, analysts have started to flip bullish on the Bitcoin price.
Sure, the Cryptocurrency is still down some 40% from its $14,000 peak from last year, but per a number of traders, an array of key technical indicators have suggested that the BTC price is ready to return higher once again.
Financial Survivalism, the Crypto trader that last week called Bitcoin’s surge to above $8,000, recently noted that the Lucid Stop and Reversal indicator, which “signals a stop and an entry in the opposite direction” when it reverses, just printed an extremely bullish signal.
Per the one-week Lucid SAR, Bitcoin just saw its first buy signal since March 2019, with the trend as defined by the SAR turning bullish.
“The Lucid SAR is a full stop & reversal system.
When the SAR reverses it signals a stop & an entry in the opposite direction.
Since Aug 2018 the Lucid SAR is beating Bitcoin by over 1,000% & we just got the first buy signal since March 2019.”
This is important as the one-week Lucid SAR has eerily predicted Bitcoin’s medium-term trends over the past two years; in 2018, the signal flipped bearish prior to Bitcoin’s 50% crash to $3,150; and in March 2019, it predicted a macro reversal at around $3,500.
There is no doubt that sentiment has turned bullish for Bitcoin.
It has remained above the psychological $8,000 barrier for the weekend and institutional investors are starting to go long again.
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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, especially when trading with leverage. 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.