Bitcoin is Holding on His 200 Daily sma, What Does This Mean

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So BTC is holding, again, on one of his most popular moving average, the 200 daily sma . What does this mean... Well if we take example on the two last time it happened (on the 50 sma and after on the 100 sma ) we should excpect a huge drop . Generally, when the price drop and do a quick touch on his moving average and then bounce and don't come back, that's a sign of a quick healthy correction and then a prolongation of the bull run. But when the price hold on his moving average for a while and put pressure on it, it's really bearish ... And this is what we are starting to see with Bitcoin right now. So what to expect exactly ? If BTC doesn't bounce quickly and break the 50 daily sma , it's likely to drop hard... But we could see a hold on the 200 daily sma for days before it happen.

Stay tuned for more updates,

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