3 Key Metrics Suggest Bitcoin Price Has Completed Its Macro Bear Cycle

Whilst the Bitcoin price (BTC) action may seem bearish to some, the leading digital asset has several bullish indicators that hint towards an imminent recovery.

As Bitcoin enters the last month of 2019, will the king of cryptocurrencies finish on a bullish rally, or fall to a yearly low?

Daily crypto market performance. Source: Coin360.com

The daily chart turns bullish

BTC USD daily chart. Source: TradingViewBTC USD daily chart. Source: TradingView

Since the beginning of November, the daily chart has been bearish. Multiple attempts were made to break $9,500, but this failed to materialize and what came next was three and a half weeks of pain as Bitcoin plummeted to around $6,500 on Nov. 25.

The good news is that Bitcoin seemed to bounce off its new floor and quickly gained over $1,300 from it’s low, changing the trend on the daily chart from bearish to bullish.

Using the Bollinger Bands (BB) Indicator, it seems the next milestone to break will be the moving average which currently lies at $8,000. From here Bitcoin will have a shot at the low $9,000 range.

Before reaching this conclusion, let’s see if there are any other indicators that share the bullish bias?

The MACD also looks bullish on the daily timeframe

BTC USD MACD daily chart. Source: TradingViewBTC USD MACD daily chart. Source: TradingView

The Moving Average Divergence Convergence (MACD) indicator shows that Bitcoin seems to be on target for a bullish cross when the daily candle closes.

This will result in the first green candle to be printed on the MACD histogram, and history shows that this results in a reversal period, how long that period will last is difficult to answer, but it’s a buying signal to traders nonetheless.

Fortunately, there is even more good news.

CME gap closed high

BITCOIN CME futures daily chart. Source: TradingView

BITCOIN CME futures daily chart. Source: TradingView

The Bitcoin CME gap has become quite the tradable event lately, however, in recent weeks, the gap has been below the weekly open but this is not the case this forthcoming week.

On Nov.29 the CME market closed at $7,800 and at the time of writing, Bitcoin is currently…

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