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Bitcoin indicator gave a signal …

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Best Bitcoin (BTC) Indicators To Use On Tradingview!

Bitcoin indicator gave a signal ...

Bitcoin indicator gave a buy signal for the first time in three months
CONTENT

  • Technical indicators are turning in a bullish direction

  • Analysts highlight the benefits of bitcoin in an inflationary environment

  • In the short term, the market is subject to high volatility

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Bitcoin has partially won back the fall of the previous few days and consolidated above the local resistance of $ 6300. This dynamic has improved the technical picture and brought some optimism back to the market..

Bitcoin indicator gave a signal ...

Technical indicators reverse

After weeks of hard selloffs, technical indicators are finally starting to turn upward, giving hope for a change in sentiment.

In particular, the Bloomberg Galaxy Crypto Index completed the strongest bearish trend formed since the end of July and gave the first buy signal since December last year. After skyrocketing in early 2020, bitcoin turned sharply downward and made a steep dive on March 12, dropping below $ 3,800. Over the past month, the first cryptocurrency lost 26% of its value, and relative to annual highs, the fall was almost 40%.

Time to buy …

And yet, many investors remained optimistic even in the face of a tough bullish trend. For example, for the head of the cryptocurrency investment fund Galaxy Digital, Mike Novogratz and the creator of the Digital Currency Group, Barry Silbert, the fall of Bitcoin opened up new investment opportunities..

Earlier, the editorial staff of BeInCrypto wrote that Novogratz named several reasons for buying bitcoin, including the inflationary policy of the authorities and the impending banking crisis..

Bitcoin indicator gave a signal ...

This view is shared by Christel Kwek, Chief Commercial Officer and founder of Bolt Global. Central banks continue to print money and inject it into the economy and financial system through expensive and inefficient channels, he said. Meanwhile, a decentralized digital currency, such as Bitcoin, allows us to break this vicious circle and close all possible capital flight..

“I think this pandemic and crisis will make cryptocurrencies stronger,” he said..

… but caution does not hurt

And yet, despite the recovery of bitcoin from recent lows and the reversal of the Bloomberg Galaxy Crypto Index, many analysts advise against making drastic moves. A well-known cryptocurrency trader known on Twitter as Wolf of All Streets noted that Bitcoin is still moving in a wide range, so it’s too early to talk about the formation of a bullish trend..

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Friendly reminder that Bitcoin is simply ranging. pic.twitter.com/0aMrROiQPk

– The Wolf Of All Streets (@scottmelker) March 30, 2020

In addition, there is still high volatility in the cryptocurrency market, and investors and traders are prone to panic attacks. According to the analytical portal Intotheblock, the 30-day volatility of bitcoin is holding close to historic highs at 135%.

Bitcoin indicator gave a signal ...

Under these conditions, Don Weiper, Chief Operating Officer of DigitalMint, recalls that cryptocurrencies are still a young asset class, and blockchain is an emerging technology, so this market is more prone to volatility..

“Bitcoin looks attractive at current levels,” he said. “But in the short term, volatility decides everything.”.

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