Bitcoin rallies to its 200-Day SMA.
Bitcoin traded above its 200-day simple moving average at around $45,000. The weekly chart for BTC has been super bullish since the week of Aug. 1 and the last weekly closure was bullish, suggesting more positive moves can be expected. If Bitcoin can stay above its 200-day, the next target is $53,000, if not, the downside risk is to its support levels at $43,500, $40,500, $38,750, and $36,950
From its June 22 low of around $29,000, BTC is up some 60%, the highest in almost 3 months. A pullback is necessary for healthy move forward. RSI is a bit stretched on these levels since the breakout from falling wedge (red lines) has been very explosive.
Looking back on daily chart we can see the price movement was very predictable. Bitcoin confirmed a death cross (red box) on June 20 when its 50-day simple moving average fell below its 200-day simple moving average. It’s been above its 50-day SMA since July 26 and tested its 200-day SMA at $44,800 on August 8. Its 50-day SMA is now rising at $35,200, acting as support level on lower time frames.
The weekly chart for Bitcoin is positive with BTC above its five-week modified moving average and above its 200-week simple moving average. The trading strategy is very simple. Buy Bitcoin on weakness and reduce holdings on strength all the way to its monthly high at $63,800. (not FA)
From its June 22 low of around $29,000, BTC is up some 60%, the highest in almost 3 months. A pullback is necessary for healthy move forward. RSI is a bit stretched on these levels since the breakout from falling wedge (red lines) has been very explosive.
Looking back on daily chart we can see the price movement was very predictable. Bitcoin confirmed a death cross (red box) on June 20 when its 50-day simple moving average fell below its 200-day simple moving average. It’s been above its 50-day SMA since July 26 and tested its 200-day SMA at $44,800 on August 8. Its 50-day SMA is now rising at $35,200, acting as support level on lower time frames.
The weekly chart for Bitcoin is positive with BTC above its five-week modified moving average and above its 200-week simple moving average. The trading strategy is very simple. Buy Bitcoin on weakness and reduce holdings on strength all the way to its monthly high at $63,800. (not FA)
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