Bitcoin has not made much progress since the decline from April 2021. Price suddenly
fell 56% over the course of a few weeks to the weekly 50 simple moving average,
which at the time was around the $30,000 round number.
Following the bounce in July 2021, price headed back to the high from April and
made contact in October 2021, where it failed to break and stay above the April
high at $64,895.
Another attempt was made in November 2021, making it slightly higher but failed
as well and price has now come back to the 50 simple moving average.
This indicator has held as support in the past and is currently holding price up.
Time will tell if it holds strong again. As for now, we just have to wait patiently,
and if this coin can find strength, we should see a bullish rally in the overall
crypto market.
When price consolidates, standing aside is the best course of action.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
fell 56% over the course of a few weeks to the weekly 50 simple moving average,
which at the time was around the $30,000 round number.
Following the bounce in July 2021, price headed back to the high from April and
made contact in October 2021, where it failed to break and stay above the April
high at $64,895.
Another attempt was made in November 2021, making it slightly higher but failed
as well and price has now come back to the 50 simple moving average.
This indicator has held as support in the past and is currently holding price up.
Time will tell if it holds strong again. As for now, we just have to wait patiently,
and if this coin can find strength, we should see a bullish rally in the overall
crypto market.
When price consolidates, standing aside is the best course of action.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
