Bitcoin Resumes the Bullish Trend, As MAs Turn Into Support

Bitcoin is pushing higher, with the 20 SMA holding as support

Skerdian Meta•Thursday, March 11, 2021•1 min read

Cryptocurrencies have turned bullish again, following the deep pullback lower in the last week of February, which lasted in the first day of March as well. Bitcoin retreated more than $ 15,000 lower to $ 43,000, but stopped at the 200 SMA (purple) on the H4 chart.

That moving average turned into the ultimate support for Bitcoin during that deep pullback and it has been pushing lows higher. Eventually the price moved above all the moving averages and it seems like the 20 SMA (gray) has turned into support on this time-frame chart.

This week cryptocurrencies have turned quite bullish once again and BITCOIN seems to be headed for last month’s highs now. Yesterday we saw a slight pullback down, but the 20 SMA held as support and now Bitcoin is bullish again, which shows that sellers are weak. So, the bullish momentum continues in cryptos and we still have the Litecoin and Ethereum buy signals on.

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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.