Bitcoin's 'Super Guppy' Price Indicator Flips Bullish in First Since Early 2018

View Bitcoin's "Super guppy" indicator has turned green for the first time since January 2018 in a signal confirmation of bull bias on the daily chart.

The long-term 26-period EMA on the monthly chart has been crossed from below, signalling that the move above $5,200 has placed bitcoin in an official bullish upswing.

Several bitcoin price indicators are turning positive on the charts, hinting at growing bullish momentum as the bitcoin block reward halving in 2020 edges closer.

For one, the "Super guppy" - a combination of exponential moving averages designed to signal when price action flips from bearish to bullish and vice versa - has flipped green on the daily chart for the first time since Jan. 14, 2018.

The level was hard fought for and won over by the bulls early this month when the price of bitcoin shot to $5,000 and then $5,200, crossing above the key EMA then bullishly planting its flag above it.

At press time, BTC is trading down 1.4 percent for the session at $5,159, according to CoinDesk's Bitcoin Price Index.

As mentioned, bitcoin's super guppy has flipped green on the daily chart after a year and more in the red.

The last time bitcoin fell below the 26-period EMA was way back in December 2014, when prices dropped below that line for almost a year before finally crossing back above - a move that flagged a new bull run.

Supporting the trend change on the monthly chart is a shift away from bearish conditions above the neutral 50 line on the RSI, showing momentum is now back with the bulls after a decline since the market peak in late 2017.

Bitcoin image via Shutterstock; charts via TradingView.