The 200day simple moving average has proven to be a leading indicator above all else for Bitcoin's bull cycles. Pay attention to previous activity over 6 years and observe price correlation around this simple moving average.
The reason price respected and stayed above the 200day SMA is unknown, but as a imperialist, I must honour it.
Another indicator to note is when Bitcoin retraced enough to test the 200d SMA (and stay above it), the daily RSI was right around this level we see now ~ 28-31.
Thus, the suggestion could be made using previous data that a low risk entry on BTC could be taken at this time.
I will be doing some modelling in Excel to show the exact correlation over the years between price action at the 200d SMA and price.
The reason price respected and stayed above the 200day SMA is unknown, but as a imperialist, I must honour it.
Another indicator to note is when Bitcoin retraced enough to test the 200d SMA (and stay above it), the daily RSI was right around this level we see now ~ 28-31.
Thus, the suggestion could be made using previous data that a low risk entry on BTC could be taken at this time.
I will be doing some modelling in Excel to show the exact correlation over the years between price action at the 200d SMA and price.