Bitcoin has confirmed a buy signal and is targeting its 200-day moving average, according to Brogan Group Equity Research (BGER).

Terence Brogan, Co-Head Market Technician for BGER, says price is now rallying towards resistance at the 200-day moving average (red dashed line on the Chart of Gemini Bitcoin Trade Price Index), after having provided a Money Flow buy signal (see Legend below). He is thus expecting price to breakout above the 200-day moving average. However, this is the third such buy signal since Autumn 2021 and, although the signal appears to be working this time around, Brogan cautions that while Bitcoin remains in a bear trend another false positive buy signal cannot be ruled out.

See Chart.

Legend:
Light blue dashed line: 10-day simple moving average
White dashed line: 20-day simple moving average
Green dashed line: 50-day simple moving average
Red dashed line: 200-day simple moving average
White lines: Keltner 200-day Average True Range Band
Money Flow buy & sell Signals: Based on 5-day simple moving average of money flow crossing 20 day simple moving average of money flow.