Bitcoin technical charts point to a continued rally toward the 200-day average resistance at $48,000. reports godbole17
Bullish signals for bitcoin have emerged, favoring a continued price rally toward the widely tracked 200-day simple moving average , according to a technical analysis by Katie Stockton, the founder and managing partner of Fairlead Strategies.
Created by Japanese journalist Goichi Hosoda in the late 1960s, the Ichimoku cloud comprises two lines – the leading span A and the leading span B. Both are plotted 26 days ahead of the last candle. The indicator is widely used to identify support and resistance, with crossovers above or below representing an advance warning of bullish or bearish breakouts.
"Bitcoin held important cloud-based support near $40,000 and has generated an oversold 'buy' signal from the daily stochastics after a three-day rally, supporting a short-term bullish bias," Stockton said in an email."The daily MACD is pinched as well, reflecting improved short-term momentum that supports a move higher toward next resistance near $48.1K, defined by the 200-day MA.
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