Moving Averages Are Keeping Cryptocurrencies Bullish

Posted Wednesday, December 23, 2020 by
Skerdian Meta • 1 min read

Cryptocurrencies have been bullish since Mach, as traders turned into this market, to find some safety from everything that has been happening this year. The trend paused in September and October, but it resumed again in November after the US elections and it has only been picking up speed.

The uptrend hasn’t been really straightforward for them, as we have seen periods of consolidation, as well as some decent pullbacks. But eventually they have ended and buyers have resumed control, pushing digital currencies into new highs, with BITCOIN reaching $ 24,099 on my chart.

If the 100 SMA doesn’t hold, the 200 SMA will surely support Ethereum

ETHEREUM has also been surging higher, climbing to $ 672 last week. Right now digital currencies are retracing down, the retrace might be coming to an end soon, which would be a good opportunity to buy. Moving averages have been providing support and right now Ethereum is trading right above the 100 SMA (green) on the H4 chart. Stochastic is also oversold, so we might actually go long on ETH/USD soon. You can check out our forex signals page to see when this signal goes live.


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