FieryTrading

🔥 Bitcoin And The 50-Week SMA: Update

Long
POLONIEX:BTCUSDT   Bitcoin / Tether USD
Two weeks ago, I made an analysis where I discussed the relation between Bitcoin and the 50-week SMA . Here I compared the last two times that the market peaked and that the 50 SMA caused a strong reversal. Please take a look for more info:


As we've seen in the last 10 days, BTC is seeing an incredible bullish trend . In the last two weekly candles we've seen around a 40% growth in a mere two weeks.

The main catalyst for this growth was the B-word conference we saw recently. Interestingly enough, this lined up perfectly with the price hitting the 50-week SMA .

As I mentioned in the last analysis, the average gain from low to high from the 50-week SMA is around 50%, whereafter the price falls down.

A 50% increase from the low would indicate that the reversal should occur around 43k. The 43k area is the same area as the January top, the first time we saw a strong decline in price during this bull-cycle.

I'm still bullish on Bitcoin , as I don't think that 65k is the top. However, there's a large amount of important resistances in our way to get back to the current ATH. It might take a while before we get there.

Happy trading!


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