Bitcoin At Critical 200 Day Moving Average!
Bitcoin is now testing the all important 200 day simple moving average (SMA). After bottoming out at slightly below 30K, Bitcoin has mounted an astonishing rally of over 50%, having broken the 200 day exponential moving average at 40K and the horizontal resistance zone of 42-43K to hit a high of 45K. The only major level to break now is the 200 day simple moving average, which will indicate that the bull run is back.
If price is able to break above the 200SMA, then the only level standing in the right of all time high is the 61.8 Fib retracement at 51K. If price fails to break the 200SMA, then we have the 200EMA at 40K to provide support. It's possible that price can bounce within this range for a bit before making a decision on whether to break up or break down.
If price is able to break above the 200SMA, then the only level standing in the right of all time high is the 61.8 Fib retracement at 51K. If price fails to break the 200SMA, then we have the 200EMA at 40K to provide support. It's possible that price can bounce within this range for a bit before making a decision on whether to break up or break down.