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Bitcoin has delivered an important technical bullish signal that it has not seen in over a year. BTC Guppy, a technical analysis tool, has flipped for the first time in over 12 months. This could be a sign that the cryptocurrency is poised for a significant move higher.
Guppy, also known as the Multiple Moving Average (MMA) indicator, is used to identify trends on the market. It uses multiple moving averages to help traders identify the direction of a trend and the strength of that trend. The shorter-term moving averages are usually more sensitive to changes in price, while the longer-term moving averages are more stable.
The #BTC Guppy has flipped for the first time in over a year.
The shorter-term moving averages (blue) have flipped the longer-term moving averages (red) for the first time in over 12 months. pic.twitter.com/mXU7aGyn3G
— Delphi Digital (@Delphi_Digital) February 20, 2023
When the shorter-term moving averages cross above the longer-term moving averages, it is considered a bullish signal. This indicates that the price of the asset is gaining strength and is likely to continue moving higher. Conversely, when the shorter-term moving averages cross below the longer-term moving averages, it is considered a bearish signal.
Bitcoin’s recent flip of the Guppy could be a strong indicator of a bullish trend. This is the first time that the shorter-term moving averages have crossed above the longer-term moving averages in over a year. This could suggest that the price of Bitcoin is set to rise significantly in the near future.
Bitcoin’s price performance has been relatively strong in the past few weeks. It now trades at around $25,000, and it has gained more than 6% to its value in the last five days. This could be a sign that investors are becoming more bullish on the cryptocurrency and that it is poised for further gains in the coming weeks and months.