Bitcoin delivered a major bullish technical signal that it hasn’t seen in over a year. BTC Guppy, a technical analysis tool, flipped for the first time in over 12 months. This could be a sign that the crypto currency is ready for a significant move higher.
Guppy, also known as the multiple moving average (MMA) indicator, is used to identify trends in the market. It uses multiple moving averages to help traders identify the direction of a trend and the strength of that trend. Short-term moving averages are generally more sensitive to price changes, while long-term moving averages are more stable.
The #BTC Guppy has flipped for the first time in over a year.
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
– Delphi Digital (@Delphi_Digital) February 20, 2023
When the short-term moving averages cross above the long-term moving averages, it is considered a bullish signal. This indicates that the asset price is gaining strength and is likely to continue to rise. Conversely, when the short-term moving averages cross below the long-term moving averages, it is considered a bearish signal.
The recent reversal in bitcoin’s guppy could be a strong indicator of a bullish trend. This is the first time the short-term moving averages have crossed above the long-term moving averages in over a year. This could suggest that the price of bitcoin is poised to rise significantly in the near future.
The performance of the bitcoin price has been relatively strong over the past few weeks. It is now trading at around $25,000 and has gained more than 6% of its value in the last five days. This could be a sign that investors are becoming more optimistic about the crypto-currency and that it is poised for further gains in the coming weeks and months.