After a prolonged sideways trend, the time might have just arrived to enter the trade with Bitcoin. BTC price appears to have trending within a pre-programmed zone as it gets rejected as it reaches $40K yet stands strong above $30k. However, after an extended consolidation, the price is all set to mark new highs very soon. And hence the current phase may be a good time to buy Bitcoin.
The 50-day MA of BTC price was acting as a strong support level though out the rally. Woefully, it flipped during the mid-may crash and since then, it became the resistance levels to be achieved. Currently, the 50-day MA is around $38,000 and very close for the price to achieve. A mere 10% rise may lead the price above these levels eventually initiate the bull rally.
Yet another indicator that points out a strong buy is the Phuell Multiple. This is nothing but an indicator that is derived from the Bitcoin Miner’s daily income. It records the cycles tops & bottoms and each time it bottomed in the past, the price reached greater highs later.
As mentioned by the analyst, Lark Davis, the price flashed the buy signal by dipping to the bottom four times since inception. And each time, the price propelled to new highs. And currently, the price has entered the same zone for the 5th time and hence a similar price jump could be on the cards.
The Bitcoin price is manifesting a massive bullish trend by trading above $35,000 since the early trading hours. A successful daily close above $38,000 is very important for new ATH very soon. And hence the current phase may be a pretty good time to buy Bitcoin.’