Technical Indicator Points to Bitcoin Price Bounce

Posted on by American Coins & Gold

Technical Indicator Points to Bitcoin Price Bounce
A lesser-tracked technical analysis indicator is signaling good times ahead for bitcoin.The cryptocurrency’s 10-week simple moving average (SMA) is about to dip below the 50-week SMA, confirming a so-called bearish crossover.Historically, the negative signal has proven to be a contrary indicator, marking interim price bottoms and the end of bear markets, as feature image shows.The previous bearish cross dated mid-March 2020 occurred after bitcoin’s coronavirus-induced crash to $4,000. Bitcoin picked up in the subsequent months, setting record highs above $20,000 by December.Similarly, bitcoin bottomed out and rebounded at least 25% following the confirmation of the negative crossovers in early January…