Bitcoin bulls could gain big as two key moving averages prepare to cross
A repeat of history would be good news for those looking to profit from a further rise in the price of BTC.
Market news
Bitcoin (BTC) lost a key bear market trend line last week losing nearly 12%, but other chart data provides a silver lining for the bulls.
As famous Twitter user Dave the wave noted on August 24, the long-term moving averages (MAs) are poised to repeat classic bullish behavior.
Analyst: Bulls could be on the verge of "doing well"BTC/USD disappointed over the weekend as it hit lows not seen since late July. Since then, $21,000 has offered little support, and fears abound that new lows are on the way.
One of the casualties of the downturn was the 200-week MA, according to data from Cointelegraph Markets Pro and TradingView, a level that had moved from resistance to support the previous month.
Now back overhead and unchallenged by rebounds this week, the 200-week MA offers a verdict on Bitcoin's current lack of strength.
“The amount of FOMO we have seen on CT over the past 2 weeks during the rally from $25,000 is unprecedented. the AM of 200 weeks as support.
Observation of the behavior of 50-week and 100-week AMs, however, suggests that all may not be lost.
In his Twitter feed Dave the wave showed that the former is about to cross over into the latter - and in the past this has been followed by sustained price growth.
“Bitcoin’s 1-year moving average is now crossing the 2-year moving average on the corrective phase after a speculative surge,” he wrote in...
A repeat of history would be good news for those looking to profit from a further rise in the price of BTC.
Market news
Bitcoin (BTC) lost a key bear market trend line last week losing nearly 12%, but other chart data provides a silver lining for the bulls.
As famous Twitter user Dave the wave noted on August 24, the long-term moving averages (MAs) are poised to repeat classic bullish behavior.
Analyst: Bulls could be on the verge of "doing well"BTC/USD disappointed over the weekend as it hit lows not seen since late July. Since then, $21,000 has offered little support, and fears abound that new lows are on the way.
One of the casualties of the downturn was the 200-week MA, according to data from Cointelegraph Markets Pro and TradingView, a level that had moved from resistance to support the previous month.
Now back overhead and unchallenged by rebounds this week, the 200-week MA offers a verdict on Bitcoin's current lack of strength.
“The amount of FOMO we have seen on CT over the past 2 weeks during the rally from $25,000 is unprecedented. the AM of 200 weeks as support.
Observation of the behavior of 50-week and 100-week AMs, however, suggests that all may not be lost.
In his Twitter feed Dave the wave showed that the former is about to cross over into the latter - and in the past this has been followed by sustained price growth.
“Bitcoin’s 1-year moving average is now crossing the 2-year moving average on the corrective phase after a speculative surge,” he wrote in...
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