Time To BUY Some Bitcoin ?
The answer is YES!!! The price is right under $7500 and we just might be seeing some insane prices in an incoming run very soon.
Indicator Prints Massive Bitcoin Buying Signal, Price May Resume Uptrend
The strong “buy” signal printed by the TD Sequential isn’t the only thing that likely has bulls buzzing. Mohit Sorout’s analysis of the RSI and Directional Indicator gauges for Bitcoin found that the cryptocurrency is nearing a long-term bullish reversal point.
Also, the model that predicted the drop from $10,000 to $8,000 is showing that the bear trend has ended. A derivative of this model, which was backtested to 80% accuracy, found a similar trend.
What’s interesting is that institutions are picking up on this trend. We reported this weekend that institutional accounts — pension funds, endowments, insurance companies, mutual funds & portfolio/investment managers with institutional clients — have started to accumulate Bitcoin long positions via the CME futures market yet again. Right now, this subset’s long holdings sit at just over 1,100 BTC — up dramatically from the near-zero seen at the end of September.