After a week of trading under ten thousand dollars, the digital currency broke out and finally reclaimed the auspicious price points of five figures.
The prices have been on the rise since then. Bitcoin price currently hovering at ten thousand eight hundred and fifty-three dollars ($10,853). Although Bitcoin has to close well above the resistance level of ten thousand and nine hundred and fifty dollars ($10950) and eleven thousand dollars ($11,000), the market could readily continue to be higher.
Joe McCann, a leading analyst, identified the strong signal in the recently printed one-day chart. The indicator that tracks the trends, Moving Average Convergence Divergence (MACD), recently witnessed a bullish trend and printed a green candle on the histogram.
There's only one chart and one meme you need for #bitcoin today.
This one. pic.twitter.com/yVfvTlIqfD
— Joe McCann (@joemccann) August 2, 2019
McCann noted in the above chart that Bitcoin saw these signals twice in this cycle when the two-three weeks preceding surged up to fifty-two percent (52%) and sixty-one (61%) percent. If the history repeats itself, then Bitcoin could surge up to seventeen thousand dollars at the end of this month, hence; getting back into the bullish momentum.
Lastly, this strong performance is expected to pave the path for this year’s rest of the price action. According to Timothy Peterson, a digital currency investor, the returns of Bitcoin will likely be setting the tone for the rest of the year.