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While the upward pressure on prices has slowed and Bitcoin (BTC) has only gained 0.15% over the past 24 hours, some are confident that the chart structure of the cryptocurrency remains optimistic. Murad Mahmudov, one of the founding partners of Adaptive Capital, a growing encryption fund, recently explained why BTC's above $ 5,500 position could be "rather optimistic".
Related Reading: Analysts estimate that Bitcoin could continue to fall before falling to $ 6,500
The Bitcoin Megamoon Soon
In one Twitter feed in 22 parts published On Saturday, Mahmudov, who imposed himself as one of the most respected voices in the cryptocurrency ecosystem, drew attention to 20 reasons why bitcoin is currently on the rise. Honestly, 20, it may be too much to pass, but NewsBTC will break down the important information.
0/20. My list of 20 reasons why I think if the 5450-5550 zone holds – its very bullish & megamoonoon is still on the table:
I repeat, if, zone 5450-5550 holds, THEN he is quite bullish.
Saturday Megathread: pic.twitter.com/KBbMj8OdU9
– Murad Mahmudov (@MustStopMurad) May 4, 2019
First, Bitcoin is currently trading in the middle of an ascending channel, characterized by constant highs and lows. While BTC continues to maintain this pattern in an irreproachable way, a higher movement to potentially get out of the upper limit of the channel seems likely.
Second, the Stochastic Relative Strength Index (RSI) and the traditional RSI both show bullish signs, both underlining that the cryptography market is not overly broad and therefore can be managed.
Third, BTC is currently trading above key moving averages, such as the 50-week single moving average and the 89-week exponential moving average, which "captured several local lower and upper areas in the previous and current cycles".
Finally, as indicated in previous reports, the number of OTC contracts contracted by BTC has increased unprecedented, which has led Mahmudov and others to postulate that a massive tightening may soon happen.
From the bear crypto to the bull
All this marks the confirmation that Mahmudov has passed from a bear to a bull. As NewsBTC has reported several times in late 2018 and early 2019, the Adaptive Capital partner was openly bearish on several occasions. He often noted that Bitcoin still had a chance of dropping to $ 1,700, citing historical factors to try to convince investors that the November sale may well be the "small capitulation" before the "final capitulation", coupled with the Long-term cycles dictate that a rally so early may be illogical.
In an analysis, he noted that the decreasing number of mentions of "Bitcoin" on Twitter was an "absolute disaster for the medium-term price". a sovereign and non-inflatable currency "that it may seem from the surface and the little effect of the parabolic increase of the year 2017 on the size of this community.
Today, however, he revealed in a recent episode of Tone Vays on Youtube that he was 75% sure that the cryptocurrency market had found a floor in the long run. And this time, it does not seem to be at all insipid, all the signs seem to lean in favor of the bulls. His peers would agree.
Related Reading: Leading Analysts Divided into Bitcoin Bottom: Let's look at both sides
Featured image of Shutterstock
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