Looking for a Place to Buy? Bitcoin Keeps Jumping at the 100 SMAs.
Skerdian Meta • 1 min read
Bitcoin broke above the $10,000 level last week, and in no time it even broke above the $11,000 level. As you know, the cryptocurrency market is open during weekends as well and yesterday Bitcoin made a new high, reaching $11,765 on my broker’s platform.
The moving averages always do a good job in providing support and resistance
Although, the road hasn’t been smooth by any means. Every jump higher has been met by heavy sellers who have sent Bitcoin down in some violent moves.
That said, the declines have been limited. After all, the trend is still up and the pace of the trend has increased. But the problem with such enormous volatility is picking the right place to go long from.
Well, there are always technical indicators which help forex traders pick a spot to buy or sell. Moving averages are among such indicators and they do a good job at it actually.
You can see that the 100 smooth MA (red) has been providing support last week until yesterday. Today, the price found support at the 100 simple MA (green). We missed that opportunity because the reverse back up happened pretty fast, but that’s the level to watch if another pullback takes place.