Bitcoin Has Pulled Back

2023년 4월 25일

Bitcoin has been trending higher all year, and now the cryptocurrency has pulled back.

The first pattern on today’s chart is the 50-day simple moving average (SMA). BTCUSD touched that SMA on Monday and today while remaining above it -- a potential indication of a bullish intermediate-term trend.

Second, the stochastic oscillator is trying to rebound from an oversold condition. Notice how prices bounced the last two times this happened. (See the white arrows.)

Third, despite the recent pullback, BTCUSD remained above roughly 26,540. That level was a weekly low on March 27 that prices held after rallying in the wake of Silicon Valley Bank’s collapse. It was also the location of a false breakdown below the March 22 low. Remaining above this price zone could also suggest the presence of an uptrend on the weekly chart.

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