The Bullish Trend Might Be Back On for Cryptocurrencies, As MAs Start to Turn Into Support in Bitcoin
rypto
The big bullish run in cryptocurrencies came to a sudden halt last week, as they crashed down, losing more than half their value. Some of the cryptos lost 3/4th of the value, while BITCOIN only lost more than half of it, as it fell from a high of $65,000 to $30,000.
During the decline, the smaller moving averages such as the 20 SMA (gray) turned into resistance, pushing the price down. That showed the strength of the fall, since sellers weren’t waiting for the price to pullback higher to the larger MAs.
Moving averages are still acting as resistance, with the 50 SMA (yellow) rejecting the price yesterday, but the 20 SMA has now turned into support. This is a sign that the decline might have finally come to an end. We opened a buy signal in ETHEREUM earlier today, so we have 3 signals in cryptos altogether and are remaining our of Bitcoin for the moment but the 20 SMA looks like a good place to golong.
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