Is Bull Run For Bitcoin on the Cards? Possibly!

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Is Bull Run For Bitcoin on the Cards? Possibly!
After remaining the hot cake for a better part of
2017 and early 2018, Bitcoins price nosedived to
6,200 in February 2018. However, if trends are
to be believed, there could be a revival in
Bitcoins fortunes. If that happens, it will mark
another bull run for Bitcoin, and that the
longest one. Bitcoins average convergence-diverge
nce histogram shows higher lows, which is
indicative of seller exhaustion. Many other
indicators also seem to suggest that there could
be oversold conditions.
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So, What Do The Trends Say?
Bitcoins current price is 8,329. However, every
time it soared above the 8,500 mark, it was
rejected by the investors on 1st October. In
fact, there was a pullback of 400 in Bitcoins
price to keep the prices stable. This would have
ended the lows at the 7,700.  However, Bitcoins
MACD histogram suggested otherwise, as it had
recovered substantially after 26th September from
-236 to reach -56. This could mean that the
bearish momentum has passed, and the arrival of
the bull period is in the waiting.
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Impediments in Bull Run for Bitcoin
Bitcoin mining might face stiff resistance during
its rise at the 200-day moving average. It is
currently at 8,503. It could be extremely
challenging for Bitcoin to get past this mark.
The bull run will again begin to dwindle if
investors make up their minds to not put their
money in anything over 8,000. Currently, that
looks unlikely, though. But it is also true that
any efforts to move beyond the 8,800 mark are
likely to yield no results because of the biased
attitude of most duration charts toward the
bearish run.
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Conclusion
Whether or not this bull run sustains for long
remains to be seen. However, trends seem to
support yet another bull run for Bitcoin and it
is happening for sure.
Source
https//www.blog.cryptoknowmics.com/is-bull-run-fo
r-bitcoin-on-the-cards-possibly/
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