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As Bitcoin hashrate has reached a new all-time high and no miners seem to be capitulating to sell their gear, the Bitcoin price is holding in the $7,400 area and some cryptocurrency traders believe it is going to keep rising as a new bullish cycle has begun.
‘A new bullish cycle has started’
In his recent tweet, crypto trader @IamCryptoWolf draws the community’s attention to Bitcoin’s 1-month chart. He says that the moving average convergence-divergence index (MACD) has crossed the bullish mark after a year of the bear market.
A new bullish cycle for Bitcoin has just started, he states.
Bitcoin. 1 Month chart
Flag the MACD simple MA oscillator.
MACD has crossed bullish after over 12 months of bear market.
A new bullish cycle has just started. pic.twitter.com/hlfV01w8dE
— CryptoWolf (@IamCryptoWolf) December 24, 2019
Image via Twitter
‘Crossing $7,870 may would take BTC higher’
Crypto trader Scott Melker points at the $7,870 level on his chart marked with a blue line and says that breaking that resistance level and turning it into support would confirm the double bottom pattern and allow Bitcoin to go higher.
The blue line is the key. Breaking that line and flipping it to support would confirm the double bottom and concurrently make a higher high. If that happens, I believe we will have found our bottom and be continuing up. pic.twitter.com/5e5XvPnVW5
— The Wolf Of All Streets (@scottmelker) December 23,…