Bitcoin Flashes Bullish Technical Signal for the First Time since October 2017
As gold reaches new all-time highs above $1,920, bitcoin has experienced bullish momentum, pushing the price past the $10,000 barrier on July 27th. The psychological level at $10,000 has given bulls trouble during 2020, with BTC-USD testing this level three occassions and was rejected each time.
However, this time might be different.
On the long-term timeframes, the technicals are becoming increasingly bullish for BTC-USD. One signal I want to talk about in particular is related to the Bill Williams Alligator trading system.
Read more about the Bill Williams’ trading system here, which includes the use of the Alligator, Awesome Oscillator and fractal levels.
For the first time since October 2017, a bullish saucer has been triggered on the weekly timeframe for BTC-USD. Basically, this means momentum is turning bullish and has often preceded strong uptrends.
A bullish saucer is where the Awesome Oscillator is positive but was declining and is starting to increase again, with two green bars following a single (or several) red bars. Each bar is higher than the last, and once the price moves above the high corresponding with the previous green bar (i.e., the first after a red or series of red bars), we have what is…
