Traders and crypto analysts are constantly looking for
signals that the bear market is definitely over and a major trend reversal has occurred.
Markets were up an impressive 50 percent in May surging from $175 billion to
$265 billion by the end of it. More signals are indicating that a new bull
market has begun so any corrections now will be opportunities to buy the dips.
Following Friday’s $28 billion market rout , the weekend saw renewed buying pressure and things quickly started to recover. By late Sunday Bitcoin had already returned to $8,800 and many of the altcoins were doing even better. Another chance to correct dissipated as momentum returned to crypto markets and dip buying was clearly going on.
1 Week Super Guppy Goes Grey
Analyst and trader Josh Rager looked at the three day super
guppy last week when it flipped to green for the first time since 2016. A Guppy
is a multiple moving average technical indicator that identifies changing
trends, breakouts, and trading opportunities in price. It achieves this by
combining two groups of moving averages with different time periods.
To confirm the signal the one week guppy has now started to
turn grey which is a prelude to green.
“After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green. Now we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7k. Guppy is a lagging indicator but makes for strong confirmation IMO,”
$BTC – 1 Week Super Guppy After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green Now we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7k Guppy is a lagging indicator but makes for strong confirmation IMO pic.twitter.com/VKFUk74CbM — Josh Rager