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Analyst: Bitcoin Signal, which indicated 40 percent jump, is forming new buy signal

A technical signal that has accurately predicted Bitcoin’s price performance over the last six weeks shows a buy signal, meaning that BTC may soon go higher. The indicator does not show where Bitcoin is headed, but there are some analysts who expect the cryptocurrency to return to the range of . 000 $ enters.

Bitcoin ready to go up

In the last few days BTC has been in the low 9th $ region and no trend in any direction. At the time of writing, the cryptocurrency is at 9 270 $.

– ribbon reaper (@decentraman) November 3

However, the so-called “Ribbbon Reaper [sic]”, a custom technical signal created by an analyst of the same name, issued a buy signal on Bitcoin’s hourly chart.

While this may not sound particularly remarkable, especially considering that the signal is not very well known, the Ribbbon Reaper has accurately predicted BTC’s price movement in recent weeks, marking local upper and lower limits. Before the $ on .

If the historical precedent is of topical relevance, Bitcoin could soon attract attention again and the mid 9th 04 Try $ again to reach new highs. Importantly, it’s not just the Ribbbon Reaper that suggests BTC is gaining strength.

As previously reported, trader Smokey found BTC to be level by 9. $ has decisively reclaimed – a level essential to the cryptocurrency since May. In addition, the volume of purchases in recovering this important support was higher than in the crash then, which means that bulls are trying to gain control of the market. In this sense, the analyst noted that he “is not quite sure how people here can have a strong downward trend.”

Text Proof: newsbtc

Last update: Monday, November 4 2019