Since Bitcoin (BTC) surmounted $5,000 last week, the cryptocurrency market has slowed, expressing signs of indecisiveness at every turn. However, technicians and chartists have begun to agree that a case for a further rally to the upside is growing, as bulls have yet to abate, and bears are losing grip on a market they controlled for over a year.<\/p>\n
For some reason or another, recent happenings in the crypto market have sparked an influx of buoyant sentiment. Maybe it was the fact that BTC easily surmounted its 200-day moving average (MA). Maybe it was the crossover in the 20-day and 200-day<\/a> moving averages. Maybe it was the fact that the one-day Super Guppy<\/a>, a technical measure used to indicate overarching trends, flipped green for the first time in 16 months \u2014 you get the point.<\/p>\n Crypto Thies, a prominent analyst, looked to further this trend of cheery analysis on Tuesday, issuing a series of Twitter posts regarding why Bitcoin is poised for another leg higher.<\/p>\n The Seattle-based trader, who commands a following of over 26,300, claimed that the two-week Moving Average Convergence Divergence (MACD) measure has turned green, as the indicator’s signal lines have convincingly crossed over. The last time the Bitcoin’s two-week MACD looked as it does now, BTC was trading at $240 apiece, and the market was looking to recover from a large sell-off.<\/p>\n The 2W MACD has crossed in a buy signal on $BTC<\/a>. We opened @ approx $4k. <\/p>\n The last time it happened? May 2015. #Bitcoin<\/a> opened around $240. <\/p>\n We can still drop in accumulation, but the bottom is in 'folks. pic.twitter.com\/5X7Dc9qc5S<\/a><\/p>\n — Crypto Thies (@kingthies) April 16, 2019<\/a><\/p><\/blockquote>\n\n