A significant technical bullish signal has been issued by bitcoin, one it has not experienced in almost a year. A technical analysis tool called Bitcoin Guppy recently had its first flip in more than a year. This can indicate that the price of the cryptocurrency is about to rise significantly.
Guppy, commonly referred to as the Multiple Moving Average (MMA) indicator, is employed to spot market patterns. To assist traders in determining a trend's strength and direction, it employs numerous moving averages. Longer-term moving averages are more stable than shorter-term moving averages, which are typically more responsive to price movements.
The #BTC Guppy has flipped for the first time in over a year.
— Delphi Digital (@Delphi_Digital) February 20, 2023
The shorter-term moving averages (blue) have flipped the longer-term moving averages (red) for the first time in over 12 months. pic.twitter.com/mXU7aGyn3G
Guppy, commonly referred to as the Multiple Moving Average (MMA) indicator, is employed to spot market patterns. To assist traders in determining a trend's strength and direction, it employs numerous moving averages. Longer-term moving averages are more stable than shorter-term moving averages, which are typically more responsive to price movements.
The latest Guppy flip in Bitcoin may be a reliable sign of a bullish trend. The shorter-term moving averages have now crossed above the longer-term moving averages for the first time in more than a year. This may indicate that there will be a substantial increase in the price of Bitcoin soon.
The past few weeks have seen a relatively robust price performance for bitcoin. It currently trades at over $25,000 and has increased in value by more than 6% over the past five days. This may indicate that investors are getting more positive about cryptocurrencies and that they are expecting them to rise further over the next few weeks and months.
