2024

Bitcoin

when

Divergence

<p>Analyst Willy Woo has contemplated that Bitcoin may indicate the beginning of a spike phase employing the divergence between the cryptocurrency price and the Volume-Weighted Average Price (VWAP) oscillator.&nbsp;</p> 
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   <p lang="en" dir="ltr">Seems like a good setup for <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BTC</a> to reach escape velocity.<br><br>Bull div with lots of room to run. <a href="https://t.co/EtzGRQrg9a" target="_blank">pic.twitter.com/EtzGRQrg9a</a></p>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1787399664486227991?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 6, 2024</a>
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<p>The VWAP oscillator is a technical indicator which not only relies on the asset’s price but also considers trading volume to determine the arithmetic average price at which an asset has been traded.&nbsp;&nbsp;</p> 
<p>This different direction, in the opinion of Woo, reveals that there is much room for the oscillator to move upwards to the point when a reversal can happen. Besides, this divergence is a good indicator that Bitcoin probably is entering a bullish trend.&nbsp;</p> 
<p>Woo’s observation is, undoubtedly, a convincing one, however, it’s paramount to notice that the cryptocurrency market is somehow unpredictable. This Bullish divergence may look perfectly genuine; at the moment but the price might continue to drop in the near future.&nbsp;</p> 
<p>When it comes to investment strategies, one should not rely solely on the value of technical indicators.&nbsp;<br></p> 
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  <img decoding="async" src="https://lh7-us.googleusercontent.com/gDzBTglaHchgWpWt_LP3teo54lygGlrUhJfGwfkU96Z1mYzRanj6tL8szckNN-TdPgyAagkdVvEYntbBptqSZ2ChsQm9jfCD7X5X0gH0fkAJLKAeRAM0P1rNyejgyXCDM7u1k-NZLTUoidWcHe6g9A0" alt="Bitcoin Price Chart">
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   Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Coinmarketcap</a>
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<p>Bitcoin is currently trading at $ 63,774.66 as per the writing time. The coin price has declined by 0.65% following the one-day chart analysis.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/05/07/marathon-digital-stock-soars-after-inclusion-in-sp-index/" target="_blank" rel="noreferrer noopener">Marathon Digital Stock Soars After Inclusion in S&amp;P Index</a></p> 
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Bitcoin Bullish Signal? Analyst Points to VWAP Divergence

The Crypto Times

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