Bitcoin's recent bounce was exactly off of SMA 50 on the Daily chart. It had rode the SMA 20 since October. If BTC fails to go back above SMA 20 today on the daily, I think we will see the whole market cap of the crypto market bleed. A lot bloodier than we saw over the weekend if it drops below the SMA 50 especially.
On the other hand if we get above the SMA 20 again, I will consider this bullish confirmation for the whole crypto market. I still see dominance for BTC pulling back and ETH and other high cap alts making a go of it.
We are also still waiting for the MACD to crossover as a second confirmation on the daily chart.
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50 min to close and we are $30 short of hitting it with the wick. Feel like I'm not the only one watching this.