Last week we saw a deep retreat in cryptocurrencies, which came after cryptos had been rallying for several months. But we knew that the retreat was going to be temporary, before the bullish trend resumed again, and it seems like it is resuming today.

At the end of last week we saw BITCOIN slip further down to $ 43,200, but the decline stopped right at the 200 SMA (purple) on the H4 chart. Bitcoin started to bounce off that moving average, but the 100 SMA (green) turned into resistance at the top.

This moving average rejected the price yesterday but today, buyers have managed to push above the 100 SMA and above $ 50,000 as well.  This opens the door for the previous high at $ 58,000 and probably further up. We have Ethereum and Litecoin buy signals, so we are staying out of Bitcoin right now. We have a deeper analysis for Bitcoin in our crypto price predictions for 2021.