Chivashon

$BTC - Bitcoin round 3?

BITTREX:BTCUSDT   Bitcoin / Tether
So Bitcoin has been having trouble breaking pas 9500 and holding. I see the 200 period moving average(Black Line) has been a good line of resistance lately but good news is the average is moving up. It hit this moving average on the 24th and the 25th and failed to break it. In standard stock ideas, a market is still considered bearish until price is trading above this line, but crypto doesn't always follow the rules. Though, seeing two bounces in the last week off this period shows this average is a strong.

To truly become a bullish market, we need to break this average, have a day where we close above it, and see at least one re-test bounce. If/When this happens i believe that is where we can see some heavy real time gains. Until this happens, I still consider BTC overall bearish in my opinion. We have seen slight gains, small retracements and staying above the 10 period moving average(Red Line). If we continue this trend without a major sell off, in maybe a week the trend could truly change. Though as the market always enjoys surprises, always be mindful of a sell off. Support is still strong on the 10 period moving average and around 8921.

Comments

Thank You - good analysis as always.
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