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.

ABOUT THE AUTHOR See More

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.

Related Articles

Bitcoin Price Prediction: Can BTC Break $86.5K as Miners Sell Off 40%?

7 hours ago

Save

Raydium's RAY Token Jumps 7% as LaunchLab Debuts to Rival Pump.fun

16 hours ago

Save

ETF Hype Lifts XRP—Can It Crack $2.12?

16 hours ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments