[Blockchain Today Correspondent Han Ji-hye] Cryptopotato, a media specialized in cryptocurrency, quoted a tweet from the Twitter account ‘Bluntz@SmartContracter’ on the 8th (local time) to report that Bitcoin’s ‘closed with DMA of 100 days or more is a good sign’. told
According to the report, Bluntz@SmartContracter, a popular cryptocurrency analyst on Twitter, said on the 7th (US time), “Bitcoin closed above 100-DMA in July of last year, just before Bitcoin surged 100% from $35,000. “, he posted a tweet.
Bitcoin surged to $45,500 for the first time since the 5th of last month on the 8th, but failed to maintain the level of $45,000 after that. However, Bitcoin’s closing above 100-DMA is a ‘positive sign’, Cryptopotato interpreted. He also said that Bitcoin’s 50-DMA indicator also raises expectations for an upside.
DMA is a kind of moving average (MA) indicator that helps determine the direction of the trend, and when the price of a coin closes above the MA, it is interpreted as a signal of an uptrend, and vice versa, it can mean a downtrend.
Meanwhile, Vijay Ayyar, Asia Pacific regional head at cryptocurrency exchange Luno Pte, said: “Bitcoin has been showing signs of strength over the past few days, breaking several key levels and downtrend lines. It is currently limited by 50-DMA and should be able to close above that. “Then the next destination would be $46,000 to $47,000.”
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