What is more interesting, is that the moving average 50 days (purple line) had crossed over the moving average 200 days (pink line). The last time it happened was on July 17, when Bitcoin was $6400. This triggered a bullish run to $8500 (on July 24, just a week afterwards). The two crossing events are marked in yellow circles.
The trading volume is still pretty low, typically to weekends. In order for a bullish market, more money and more buyers need to step inside.
Also, right by the time of the expiration of the CME futures (last Friday at 15:00 UTC), there indeed was a strongn move, but to the positive side: the green candle from $6800 to $7013 (on BitFinex exchange).
Support levels lie at $7000 (MA-50 – purple line in the chart), $6800, $6600.
Resistance levels lie at $7250 – $7300, $7500 – $7600 (the long-term descending line), $7900.
Cryptocurrency charts by TradingView.
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