Technical Point for a Prolonged Bitcoin Rally

A technical indicator is pointing towards the start of the novel and prolonged rallu in the costs of bitcoin, as per the research done by Bloomberg.

Bitcoin Directional Movement Index

The DMI (Directional Movement Index) is a trader’s tool which is used for assessing the strength and direction of the movements of the price in the financial assets, and is presently exhibiting the biggest positive divergence in an explosive rally since December, 2017.

More will be the DMI readings, higher will be the significance of the rally as compared to the previous ones, leading to the reversal of the whole bearish trend of bitcoins.

Hope for trend in bitcoin

As a matter of fact, the fund manager of Morgan Creek Capital Management, Mark Yusko, told in an interview that he hopes for another such trend in the prices of bitcoin before the end of 2018. But, he also maintained the bullish prediction of price of bitcoin (25,000 USD) which he made by the end of this year, and a gigantic USD 500,000 till 2024.

Talking about bitcoin, he mentioned that it is going to be parabolic trend with a crash, and again a parabolic trend along a crash, and this is the way technology gets adopted.

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