For the first time since January, multiple Bitcoin indicators are displaying evidence that the world’s no.1 cryptocurrency’s recent revival is not just a “flash in the pan”, but something for investors to get excited about. The most recent example is MACD Histogram, whose BTC figures have moved above zero for the first time in eight months.
“Pivot Point Indicators” have long been an essential tool used by stock market analysts to assess a potential investment opportunity, or to gauge if a brand is ripe for takeover. Two of the most famous of these indicators are Fibonacci and Murrey Math. When the cryptocurrency market began to grown around 2014, with new coins appearing almost weekly and something akin to a second stock exchange evolving, it wasn’t long before investors began to search for indicators they could use to preempt the growth of new cryptos.
Indicators have proven to work fairly well in the cryptocurrency market, although it is impossible to maintain 100% accurate readings in such a volatile environment. Nevertheless, the fact that those indicators monitoring Bitcoin in 2018 have never previously forecast a period of steady growth since January – despite multiple false dawns – proves that they are far more accurate than one might have thought possible.
MACD Histogram Comes On Board Bitcoin Bandwagon
The list of indicators forecasting a long period of growth for Bitcoin has been accelerating lately, and the latest to join the BTC Bandwagon is the MACD Histogram, which has moved above zero for the first time since early January. The MACD Histogram indicates growth of decline by moving minutely above and below its Zero Line, and is one of the most concise and respected methods of gauging the long-term trend of a business or a market.
When the MACD Histogram moves above the zero line, it indicates that the positive streak a company is enjoying looks set to continue for the foreseeable future. A dip below the line would indicate the total opposite.
MACD’s endorsement adds a ton of credibility to Bitcoin’s 23-day run of steady upward increments in value. In August, Bitcoin looked set to slip below $6,000 in value for the second time in 2018, but it is now a healthy $7,300, and that looks set to continue. In fact, the surge in interest the MACD report will generate, as well as the assurance it will give prospective investors, could well see Bitcoin’s value rise above $8,500 in the coming days, for the first time since July.