Another Test for Bitcoin Buyers, LINK/USD Recovers $10
Bitcoin has reversed higher but is facing the 50 SMA now
Today looks like a bullish day for cryptocurrencies so far, as they keep increasing. Bitcoin has recuperated around $8,000, while Chainlink has recuperated $10, which is a lot for this cryptocurrency, sinc it crashed to $15 yesterday.
BITCOIN was bearish as well yesterday, but it didn’t slip below last week’s low. LINK/USD on the other hand kept making new lows, losing more than 2/3rds of its value from the top. The decline was strong last week, with the 20 SMA (gray) turning into resistance on the H4 chart for both cryptos.
The 20 SMA has been broken in Chainlink
They have moved above this moving average today, but the real test is the 50 SMA (yellow). Bitcoin is right there at the moment, having retreated down a little but remains close to it, so there might be a break of that indicator.
The current H4 candlestick looks like an upside-down pin, which is a bearish reversing signal after the climb, just like the hammer candlestick at the bottom yesterday, signalling the bullish reversal. The stochastic indicator is also overbought, which also signals to a reversal down. So, this will be the decisive time, if buyers push above it, then today’s bullish reverse might turn into something more, otherwise we will see another attempt at the downside from sellers.
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