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Bitcoin has undergone impressive development in recent weeks, breaking resistance after resistance despite a devastating macroeconomic context. From the $ 3,700 low in March, BTC has risen 150%, an outstanding performance that dwarfs almost all other facilities.
While impressive, Bitcoin continues to set new local highs and stay above key support levels, allowing the cryptocurrency to print a confluence of extremely positive technical signs.
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This trend continued on May 1 when Nunya Bizniz, chartist and analyst, noted that the signal that preceded some of Bitcoin’s key manifestations in recent years had just been rediscovered.
Since Bitcoin’s value is largely derived from its network effect, suggesting that the value of a product or service is directly related to the number of users, often in exponential order.
Weekly BTC:
The price has gone up for a few weeks and PSAR has now switched to support.
There have been six other similar events, all of which lead to substantial improvement.
Can this be interpreted in any way other than bullish? pic.twitter.com/7rdoVQ4BMt
– Nunya Bizniz (@Pladizow) May 1, 2020
Referring to the chart, the analyst explained that after this indicator appeared six times, Bitcoin has increased significantly in the past five years.
This was the case in early 2019, when PSAR rebounded shortly before the 25 percent outbreak on April 1, ushering in a recovery of more than 300 percent. Similarly, at the 2,000% rally in 2017, PSAR turned back several times to set local highs and continued bulls.
Bizniz emphasized how strong this sign could be:
Can this be interpreted in any way other than bullish?
One sign of many
Still, this is just a sign that many are suggesting that Bitcoin could soon benefit from a long-term uptrend. Due to Bitcoin’s strong recovery in April, the cryptocurrency closed its monthly candle above a key Ichimoku cloud level on the monthly chart.
This is relevant to BTC, as Bitcoin last claimed this technical level in early 2016, when the cryptocurrency was trading at around $ 500 and hit $ 20,000 just 20 months later.
On top of that, a trader noted that the leading cryptocurrency recently broke an ascending wedge that had formed from the lows in March to today.
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