Ana Nicenko, a senior crypto journalist and technical expert at Finbold, revealed several indicators, including CCO, DCA, and Moving Averages showing buy signals for BTC and indicating the price has already hit the market bottom.
- Some chart patterns are keeping the optimism alive that things may soon turn around even though Bitcoin (BTC) is still having trouble breaking above any significant levels, and the majority of the other assets on the crypto markets are experiencing a similar problem.
- On November 28, Bitcoin was trading at $16,244, dropping 1.71% from the previous day but still up 1.41% from the preceding seven days. Meanwhile, the overbought/oversold indicator – the cycle channel oscillator (CCO), BTC has already reached the bear market bottom, indicating a long-term bullish reversal.
- Ana mentioned DCA (dollar cost average), a method known in both the crypto and stock market communities of regularly investing a small predetermined amount of money, also signals higher returns over Bitcoin long positions.
- Bitcoin has not yet crossed the critical resistance level at about $16,600, which Michal van de Poppe, a well-known expert in cryptocurrency trading, stated it must do in order to create a “candle toward $17.5-18K,” according to Finbold.
- According to the analyst’s graphic, the present Bitcoin bottom may finally trigger a bullish surge that would take the price of the main decentralized financial asset to $17,500 and even higher by the end of 2023.
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