Cryptocurrencies are in the middle of another pullback lower, after giving the upside another shot earlier this month. Bitcoin made new highs this month, pushing above $60,000 by the middle of the month, but it didn’t stay there for too long.

It started retreating lower last week and this week it fell to $51,300. Although, the retreat stopped at the 50 SMA on the daily chart, which has been a solid support indicators before, together with the 20 SMA (gray).

The stochastic indicator became oversold, which means that the retrace is complete on this time-frame chart. As a result, we decided to open a buy forex signal on BITCOIN last night, based on the daily chart.

Today Bitcoin has bounced off that moving average and is trading around $ 2,000 higher, so it seems like the pullback is over and the bounce has already started. We are holding on to this trade for a few days, to see where it will take us.