Bitcoin Edges Closer to $20,000, As MAs Keep Pushing it Higher
Bitcoin bounced back up from the 50 SMA on the H1 chart last night
Cyptocurrencies have been on a really strong bullish move this month, as the uncertainty all over the globe has turned traders wary of buying anything at the moment. BITCOIN has benefited he most from this run in cryptos having climbed form around $ 13,000 at the beginning of November, until $ 19,350 yesterday.
That’s a huge run in a month and during this time moving averages have been doing a great job in providing support for Bitcoin. The 200 SMA (purple) was providing support at the beginning of the month, but then the smaller MAs such as the 50 SMA (yellow) and the 100 SMA (green) took its place as support, as the trend picked up pace.
On Monday we opened a buy Bitcoin signal when the price retraced lower, booking profit yesterday in the morning as the bullish trend resumed. last night, we saw another pullback lower, but this time the 50 SMA turned into support, rejecting the price and pushing Bitcoin up again. We missed that chance, but will look for another buying opportunity if Bitcoin retraces back down again.
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