Experts point out that you have to be bullish once Bitcoin breaks the $ 50,500 barrier.
Cryptocurrency momentum in the wake of Monday’s turmoil related to the Turkish lira continued as Bitcoin and altcoins held up, and the focus is now on the new year and price levels above $ 50,000.
“The first advance has been in the price of Bitcoin. But we still have to overcome enough levels to affirm that we are bullish”Michaël van de Poppe told Cointelegraph.
Taking the $ 50,000 as psychological resistance, Other analysts turned to on-chain metrics for more evidence of Bitcoin’s underlying strength.
Among them was fund manager Dan Tapiero, who saw bullish signals on the Moving Average Convergence Indicator (MACD) in what has historically been a time to buy.
“The rallies begin when least expected / when tired bulls give up,” he remarked.
The MACD implies the relationship between two exponential moving averages of the BTC / USD pair, and a rebound from a downtrend has preceded price rises.
Source From: Ambito
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