Bitcoin has moved above the 200 SMA, well positioned for further movement upwards. If BTC can sustain above the 200 SMA, we should soon see a golden cross of the 55 and 100 EMAs. Without being too dramatic, if history repeats itself then this could even be the beginning of a two year bull run, leading into 2021!
Will it hold, though? What if this is a fake-out that leads to a continuation of the bear trend?
A third possibility is that we range here for some time, before starting a move to leave the 200 SMA behind for good. Let's see.
We can continue to watch BTC's price action near the 200 SMA (at around $9000) to see whether the new trend develops.
Happy trading :)
Will it hold, though? What if this is a fake-out that leads to a continuation of the bear trend?
A third possibility is that we range here for some time, before starting a move to leave the 200 SMA behind for good. Let's see.
We can continue to watch BTC's price action near the 200 SMA (at around $9000) to see whether the new trend develops.
Happy trading :)