As the price of Bitcoin stops trading sideways and shows a positive movement, traders point out that the graphs indicate a bullish scenario for short-term cryptography and highlight that the indicator called Guppy It is at the same level as in April 2019, when the price of BTC took a great turn, going from US $ 3,000 to almost US $ 14,000.
Guppy is a collection of exponential moving averages and, for the first time since April, is back in green. The range is significant, since before 2019, it had also become positive on January 14, 2018, when the price of Bitcoin briefly increased above $ 9,000, breaking at that time a downtrend initiated after the all-time high of almost $ 20,000
A second sign that a bullish moment may be near for Bitcoin is called Puell Multiple, a graphic analysis technique used to identify bullish and bearish cycles, from the perspective of a miner when the value of newly extracted Bitcoins is higher or lower according to the specific price rules.
Puell rose during the highs of 2017 and also in other periods that coincide with positive movements in the graphics, and currently, the indicator suggests that Bitcoin may show an exponential appreciation in the short term.
Another classic Bitcoin-oriented signal, the Mayer Multiple, indicates a strong buying opportunity for BTC this week, which means there is likely to be a short-term appreciation.