A bullish signal which increased the price of Bitcoin by 250% is appearing again

A bullish signal, by BTC Hash ribbons indicator, which increased the price of bitcoin by 250% when it appeared back at the end of 2020 is appearing again. An indicator is showing a strong buying signal again.

The crypto market trends are indicated by the fundamental or technical analysis. The fundamental analysis is all about the news which can impact the market. In technical analysis, traders use many tools to check the trend of the crypto market by using historical data. One of these indicators is “BTC Hash Ribbons”. These indicators are not right each time but they can tell a lot about the market trend going on. A bullish signal is indicated by the previously mentioned indicator.

A bullish signal by indicator

BTC Hash ribbons indicator is used to measure the buying pressure in the market. By this, anyone can analyze the pattern that either people are selling or buying in the market. Through this way, a market trend is indicated and trade decisions are made. The buying pressure is so strong that the enthusiasts and supporters of Bitcoin are backing PlanB’s argument. PlanB has indicated lately that the price of bitcoin will rally up to $134k by the end of the year 2021.

A bullish signal
BTC Hash Ribbon indicator showing strong buying pressure
Source: Tradingview

Last time,  when this signal was indicated the price of Bitcoin went up by 250%. A bullish signal, the same as indicated at the end of the year 2020, is showing the same scenario. The signal was later followed by the price surge in the market which made the price peak of almost $65k.

The crypto market is now quite bullish because the price of BTC has risen from $28k to $48.5k this month. If BTC breaks the psychological resistance of $50K then there will be a massive breakout of the prices. Let’s see what happens in the coming days.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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