Looks Like the 20 Daily SMA Is Holding As Support for Bitcoin

The crypto market went through a decent pullback in the last two days, after giving the upside another push during the weekend, with BITCOIN climbing above $ 58,000 on Sunday. Yesterday the price fell just below $ 45,000s, which means an almost 25% decline from the top.

But, the area around $ 45,000 seems to have turned into a support zone, with sellers closing their positions down there. That’s where the 20 SMA (gray) also stood on the daily time-frame chart, which helped provide support.

This moving average has provided support for Bitcoin in November and December last year and it did so again yesterday. The stochastic indicator is not oversold yet, but it seems like the retrace down might be coming to an end soon.

This might be a good opportunity to go long. Although we will follow the price action a bit longer to see if we can get a better entry point closer to $ 45,000, since we already got more than 2,000 pips from Bitcoin yesterday, while still having an Ethereum and a Litecoin signal open.