Bitcoin testing underside of 2018 range
As I'm writing this the reaction off resistance has been sharp
After breaking every moving average, most recently the yearly average, bitcoin is now re-testing the 2018 range bottom @~$5900. A break back above this level (which was the catalyst for the November crash) would be a significant sentiment shift for cryptocurrencies. Rallies throughout 2018 were sharp but short-lived, so it was a reasonable reaction to assume bounces off the December lows may be the final false hope for bitcoin. But, the December bottom now looks firmly in place with new highs being made routinely, and key levels (mainly moving averages) being broken.
After breaking every moving average, most recently the yearly average, bitcoin is now re-testing the 2018 range bottom @~$5900. A break back above this level (which was the catalyst for the November crash) would be a significant sentiment shift for cryptocurrencies. Rallies throughout 2018 were sharp but short-lived, so it was a reasonable reaction to assume bounces off the December lows may be the final false hope for bitcoin. But, the December bottom now looks firmly in place with new highs being made routinely, and key levels (mainly moving averages) being broken.
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