Bitcoin Making A Decision at MAs After the Climb This Week

Bitcoin is sticking to the 100 SMA today, after climbing higher this week

Skerdian Meta•Thursday, June 3, 2021•1 min read

Bitcoin remains uncertain at the 100 SMA today

Cryptocurrencies went through the biggest crash in the second half of May, which sent down to a fraction of their value before the crash. The decline eventually stopped, with Bitcoin putting a base at $30,000.

Cryptos have tried to reverse higher after the crash, but they have failed to keep the bullish momentum going during the moves higher. Moving averages have been doing a good job keeping cryptos down, with the 20 SMA (gray) and the 50 SMA (yellow) providing resistance on the H4 chart.

As a result, cryptocurrencies have been bouncing up and down, although in the last several days we are seeing an attempt at resuming the larger bullish trend. Certain cryptos like Doge are already back on the bullish trend, which is a positive sign for the whole market.

Bitcoin Live Chart

BTC/USD

This shows that the pressure remains to the upside for digital currencies, but the moving averages are still being an obstacle. BITCOIN is trading right at the 100 SMA (green) on the H4 chart wight now, where it has been stuck for several hours.

The previous H4 candlestick closed as un upside-down pin, which points to a bearish reversal, but there hasn’t been such a thing yet. If Bitcoin manages to hold the gains and remain above the 100 SMA, then buyers will gain further confidence and will push the price higher eventually, although we are still below $40,000 now.

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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.