This “Super” Bitcoin Technical Tool Says Limited Resistance Remains 

This “Super” Bitcoin Technical Tool Says Limited Resistance Remains 
фото показано с : newsbtc.com

2023-4-5 03:02

Bitcoin price is currently trading at $28,000, seemingly unable to fall lower thanks to overwhelming buying pressure.

The lack of pullbacks could be due to a “super” technical tool indicating that almost all important resistance has been flipped to support. Let’s take a closer look at the SuperGuppy technical indicator and what is says about the trend in crypto.

BTCUSD Breaks Above The 1M SuperGuppy: What This Means

When Bitcoin or any asset begins an impulsive uptrend, there tends to be very few to no pullbacks offering an opportunity to buy the dip. The late 2020 rally through April 2021 was often described as “only up” as an example.

This behavior happens when massive demand kicks in during a phase of lower supply, when selling is exhausted, and when resistance has been turned to support. With support below the asset, prices don’t fall quite as hard and are bought up significantly faster.

That’s exactly what’s started to happen according to the 1M SuperGuppy technical indicator. In fact, the tool suggests resistance has been flipped to support on almost every timeframe from the daily to the monthly.

It’s Not A Bird, It’s Not A Plane, It’s A Bitcoin Rally

Not to be confused with NASA’s 100,000 pound plane, the SuperGuppy is a technical indicator that derives it’s name from its creator, Daryl Guppy. Guppy is a financial columnist and author who developed the tool to spot potential trend changes.

The SuperGuppy is often referred to as the GMMA or Guppy Multiple Moving Average. The tool utilizes a group of shorter and longer term moving averages. These moving averages can act as dynamics support and resistance, or indicate when a trend has changed depending on the slope of the averages.

In the past Bitcoin price breaking through the monthly timeframe SuperGuppy moving averages has led to as sustained rally, with the averages acting as support the entire way up. It also put in a significant long term crypto market bottom.

With BTCUSD now trading well above the SuperGuppy moving averages, will the top cryptocurrency once again see a sustained rally?

#Bitcoin monthly has cleared all the MAs in the Super Guppy. Resistance is now support. Don’t be surprised of a lack of pullbacks. pic.twitter.com/INa1MZJKlD

— Tony "The Bull" (@tonythebullBTC) April 4, 2023

origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 61585.11 (+0.42%)
Объем 24H $37.538b
Изменеия 24h: 1.50 %, 7d: 2.85 %
Cегодня L: $61228.86 - H: $61599.64
Капитализация $1234.866b Rank 1
Цена в час новости $ 28586.04 (115.44%)

resistance technical tool super bitcoin could due

Источник: newsbtc.com

resistance technical → Результатов: 126


Фото:

Senior Commodity Strategist at Bloomberg Calls $100,000 BTC and $5,000 ETH the “Path of Least Resistance”

Mike McGlone, the senior commodity strategist at Bloomberg, argues that digital assets are poised to record new all-time highs now that they have survived the fierce market correction. In the September edition of Bloomberg Crypto Outlook, a monthly report on technical analysis, data, and insight on the crypto market, McGlone doubles down on his propitious […]

2021-9-7 20:18


Here’s Where The Ethereum Rally Could Pause, According To Bitcoin Blueprint

Ethereum is ripping, now well above $4,000 per ETH and in full price discovery mode. But with no obvious resistance levels, how can anyone prepare for when the trending altcoin runs out of steam and eventually reverses? Technical analysis indicators, as well as fundamental tools are two possibilities, however, simple mathematics could also play an […]

2021-5-11 20:45


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Exits ‘Panic Zone,’ But Capital Inflows Remain Weak

On-chain data shows Bitcoin network conditions have improved recently, but net capital inflows are still of a relatively weak order. Bitcoin Realized Cap Now Rising, But Only In A Slow Manner As pointed out by CryptoQuant author Axel Adler Jr in an X post, Bitcoin has exited from the “panic zone” on the Realized Profit/Loss Ratio.

Stocks Are At All-Time Highs, Bitcoin Is Lagging: Is BTC Late To The Rally?

Bitcoin is pushing higher after months of consolidation, with buyers gradually reasserting control and the market beginning to feel like it might have found its footing. The strength is real — but a report from XWIN Research Japan is adding important context to what that strength actually means in the broader picture. Related Reading: Ethereum […]

Bitcoin Mining Network Collapsing Into AI At Record Pace, Analyst Warns

The founder of Capriole Investments has warned that the Bitcoin miner AI pivot could result in mining revenue plunging to 30% in 2-3 years. Bitcoin Mining Companies Are Fast Pivoting To AI In a new post on X, Capriole Investments founder Charles Edwards has talked about the transition that the Bitcoin mining industry has been […]

These 3 Signals Mark Bear Market Exits—Bitcoin Has Yet To Trigger Them

Bitcoin is still far from triggering the three signals that have historically appeared at the end of bear markets, according to analyst Willy Woo. Bitcoin Is Still Trading Far Below The Cost Basis Of Recent Investors In a new post on X, analyst Willy Woo has listed the three things that tend to happen at the end of bear markets.