This Chart Points Up in Bitcoin (BTC/USD), As it Remains Supported by MAs
Skerdian Meta • 1 min read
Bitcoin went through a major crash during the first week of May. It was the one to begin the crash in the crypto market, after Elon Musk dropped Bitcoin from Tesl payments and later China banned bitcoin mining in the country, with the reasoning that it wastes too much energy.
We saw an attempts to bounce after the crash to $30,000, but the 20 SMA (gray) turned into resistance on the H4 chart and reversed the price down. Sellers tried the downside once again but the decline stopped above $31,000.
That means $1,000 higher, while most other cryptos made new lows on that decline, so that was the first bullish sign in BITCOIN . Eventually, we saw another attempt at the downside early this week, but sellers failed at the $31,000 level once again.
Bitcoin reversed higher as the week progressed, pushing above moving averages, but the descending trendline stopped the climb and the price pulled slightly down yesterday. Although, there was no bearish momentum to follow through.
Moving averages turned into support and the price is reversing back up. Now, BTC/USD should break the trendline, although it remains to be seen if here will be a follow through after the break, because highs keep getting lower. If buyers push above $40,000 and above the 20 SMA (purple), that that wold be a strong bullish sign.