BTC Update - BTC Looking poised to test 50 day Moving Average
Bitcoin Looks Poised to take on 50-day Moving Average
The current price of Bitcoin is $3630 with 24 hour volume leveling around 6.4 billion USD. Bitcoin has maintained the territory gained last week and has been seen to be consolidating in the $3575-3675 price range. It does essm that positive sentiment has returned to the crypto community since $BTC ‘s ~11% gain on the 8th of February.
There are a few indicators that suggest the market is moving in the right direction.
The highest volume single-day candle in 2019 now belongs to the bulls (February 8th). When we consider where this candle occurred, in what is almost certainly now considered a falling wedge (bullish price structure) charting pattern, we can presume Bitcoin bulls were happy to step in, once again, in the low 3k’s.
Higher time frame analysis for Bitcoin’s MACD is printing bullish crossovers on nearly every time frame from 12hr or greater. Even the weekly MACD is seen to be attempting a crossover. The weekly MACD has not successfully crossed bullish since October of 2016 when the price of Bitcoin was ~$700.
- First Interaction with 50-day MA (D)
Bitcoin’s price interacted (February 8th, @ $3725) with the 50-day moving average for the first time since January 8th, 2018. Although $BTC was rejected on its first attempt to crack the 50-day MA, the corn has consolidated there and appear to be ready for a push upwards .
Based on these indicators, we assume $BTC could provide a show if it is able to best the 50MA. Right now, the moving average is at $3670. If $BTC manages to break that resistance and then retest the 50MA as support, the crypto market space would be looking skywards
Until a break of the 50MA occurs, we will hold a bearish mindset while we monitor whether $BTC can tackle the $3670-3690 price range.