—  Featured

Key Technical Indicator Reveals Bullish Bitcoin Signal. Is it Time to Buy Again?

Bitcoin’s price is currently flirting with $12,000 USD and a key technical indicator just turned bullish, meaning the market might just about to be hitting a new buying cycle. Bitcoin is worth nearly four times more today than it was when it plummeted all the way down to $3,100 USD when the coronavirus spread throughout Canada and the rest of the world in March of this year.

Bitcoin’s price is currently flirting with $12,000 USD and a

key technical indicator

just turned bullish, meaning the market might just about to be hitting a new buying cycle. This in spite of the fact that Bitcoin is worth nearly four times more today than it was when it plummeted all the way down to $3,100 USD when the coronavirus spread throughout Canada and the rest of the world in March of this year.

What is Signalling a Buy?

The technical indicator signalling its time to buy bitcoin is known as the

Trading Envelope band

. An envelope is a comparison between two moving averages with the one shifting upward and the other shifting downward. It allows traders to form trend lines above and below the current price of an asset, which in this case is Bitcoin.

Another indicator signalling a buy is the Global Strength Indicator. It shows that despite the fact Bitcoin’s price has been steadily rising over the last little bit, it’s not actually in overbought territory, which means there is still room to go up.

What’s the Reason for These Signals?

There are perhaps two key reasons these signals are sending out bullish alarm bells. One is the decentralized finance revolution. Most decentralized finance projects that allow traders to capitalize on yield farming are built on the Ethereum blockchain. This is sending all the coins higher, which in turn can also give investors added confidence in the leader of the pack, Bitcoin.

The second fundamental reason for these bullish signals involves broader institutional investment. Fidelity investments launched its first Bitcoin fund last month and JP Morgan Chase & Co. now owns a significant stake in ConsenSys, which is arguably the largest, most forward-thinking blockchain development company in the world today.

For these reasons, now might actually be a great time to buy some more

Bitcoin

both for short-term and long-term investment. At least according to technical indicators.

Buying bitcoin is easy

with Netcoins. Create an account, fund it with an e-Transfer (other funding options available), and head to the trade page to buy or sell bitcoin. Netcoins is a fully regulated, publicly owned crypto trading platform.

Thanks for reading. For more blogs on all things in Bitcoin, you can read more here.

Written by: Jack Choros

Writer, content marketing at Netcoins.

The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.

Where to buy cryptocurrency in Canada and US?

Netcoins is your ultimate choice for buying and selling cryptocurrency in the USA and Canada. Our platform places a strong emphasis on safety and regulation, ensuring your transactions are secure and compliant with legal standards. We prioritize your peace of mind, providing an environment where your investments are safeguarded.

Ready to Buy Some Crypto?