Bitcoin Jumps Higher, but it Remains Below the 100 Daily SMA
BITCOIN turned pretty bullish in Q2 of this year and reached pretty close to $14,000. But, the climb stopped up there and Bitcoin started making lower highs in Q2, which were pointing to a bearish reversal. Although, a support area formed at the $9,000 level, so the trend hadn’t shifted yet.
But, Bitcoin made a bearish move at the end of September and another one last week, falling to $7,240. Although, the decline stopped at the 200 SMA on the daily chart and after forming a small doji candlestick, Bitcoin surged higher on Friday.
The price climbed to $10,500, breaking above all moving averages, but it retreated down and closed that day below the 100 SMA. The price action of the weekend is not shown on the chart above because my broker closes on Saturday and Sunday. But we can see that the 100 SMA has now turned into resistance for Bitcoin.
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