Bull Cross, Which Boosted Bitcoin Price by 74 Percent, Has Been Released!

Its last appearance in mid-February, a bullish indicator that contributed to the rise in the price of Bitcoin (BTC) to a record high, flashed again.

Called the MACD Bull Cross, the signal develops when the output of the difference between an asset's 26-period and 12-period exponential coverage rises above the 9-period exponential moving average known as the signal line, according to NewsBTC analyst Yashu Gola. Traders interpret the crossover as a sign of the asset's potential price increase.

Bitcoin confirmed that it is the MACD Bull Cross in a one-day timeframe the other day. Market analysis portal TradingShot highlighted the crossover's ability to broaden the cryptocurrency's bullish trend, citing its recent creation, which raised the BTC / USD exchange rate by 74 percent. He added that if the fractal played as intended, the pair could rise to $ 65,000.

The record high target, according to the author, came after creating an intersection between the MACD Bull Cross and the Fibonacci Retracement chart. As shown in the graph above, fib retraction occurs from a high deflection level to a low deflection level. This creates a low high target.

The MACD Bull Cross formation in February followed a break above the 0.5 Fibonacci retracement line, according to Yashu Gola. The upward move grew until it reached the 2.23 Fib line. BTC / USD retreated after that and evaluated the 1 Fibonacci retracement line as the bottom of that session.

Entering March, Bitcoin broke above the 0.5 Fib level and is now following a long upward move, according to the analyst. With Bull Cross support, TradingSpot expects the cryptocurrency to reach the 1.5 Fib line, which corresponds to the $ 65,000 resistance level.

Meanwhile, the 2.23 Fib level stands above $ 70,000 this time.

Formation in bitcoin charts

The BTC / USD pair breaks in parallel with the Bullish Flag pattern. The structure represents the recent drop in the pair's offer, which was confirmed by a descending channel. Meanwhile, a break above the resistance of the channel will cause the price to rise by the height of the uptrend that was formed before the pennant.

According to the news source, this increases BTC / USD to approximately $ 70,000. Meanwhile, the levels represented by the Pitchfork pattern provided potential retracement and recovery levels as the price continued its upward trend. The next target is above the previous record high of $ 58,367.