Bitcoin and Ethereum Form A Bullish Reversing Chart Pattern

Cryptocurrencies have lost their momentum in the last two weeks, after the massive surge since November last year. They went through a major retreat last week, which was overdue actually and that refreshed the long term bullish trend.

But, this week the attempts to resume the trend have failed. We saw a bounce in BITCOIN off the 200 SMA (purple) on the H4 chart, which sent this cryptocurrency above the 100 SMA (green) and above $ 50,000 earlier this week, but the price retreated back down.

Although this time, the 50 SMA (yellow) has turned into support on this chart. It was pierced a couple of times but it wasn’t broken, since the candlesticks closed above it. Now we are starting to see a small bounce, hopefully it turns into something bigger. The situation is similar in ETHEREUM and other cryptos, so let’s see if this bullish reversing pattern will materialize.

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.

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