The 20 Daily SMA Keeing Bitcoin Bullish - Forex News by FX Leaders
The 20 SMA pushing Bitcoin higher

The 20 Daily SMA Keeing Bitcoin Bullish

Posted Friday, February 7, 2020 by
Skerdian Meta • 1 min read

Cryptocurrencies turned quite bearish since late June, after surging higher in Q2, with BITCOIN climbing more than $10,000 from bottom to the top. So, the trend has been bearish since the surge ended and Bitcoin fell below $10,000, reaching $6,400 by the middle of December.

But, it reversed higher back then and after finding some mild resistance at the 20 SMA (grey) on the daily chart, it moved above other moving averages without much difficulty. In fact, the 20 SMA seems to have turned into support on the daily time-frame, as shown above.

The price slipped below that moving average towards the  end of January, but it reversed back up and since then every decline has ended at the 20 SMA. So, the 20 SMA is pushing the price higher in Bitcoin and as long as the price stays above, the buyers will remain in charge. In fact, we might try top go long on bitcoin if it retraces back down to the 20 SMA again soon.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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