๐ฅ Bitcoin And The 50-Week SMA: Update
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!
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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