The Currency Analytics
By Dan Saada
A long-term bottom has become something that has become widely accepted for BTC.
In just 13 months, Bitcoin lost over 70% in the cryptocurrency market. By making use of a 10-week Simple Moving Average, analysts tried to narrow down to signs of long-term…
Charts for BTC showed signs of lower highs in the bearish trend above the 10-week SMA in the past 13 months.
On a 24 hour basis, BTC trading at $3,630 provides for a 2.5% gain. However, the 10-week SMA marks BTC at $3,919.
A convincing break will be when there is a complete confirmation of the longer-term bullish reversal. The 21-month exponential moving average is currently seen at $5,400.
Way back in November 14, 2018, BTC was not able to cross the 10-week SMA on the weekly closing for several times before it fell below $6000.
In the ongoing bear market, the BTC was struggling to breach the 10-week SMA. Only a sustained break was to provide for a bullish reversal.
Currently, the outlook is bearish, and the prices are trading below the 10-week SMA that was sloping downward $3,919.
Yesterday, the BTC closed above 3,566 providing for a sideways channel on the daily chart. The weekly chart continues to be biased towards the bears.
There is another forecast that states that if history should repeat, the BTC might even bottom to $1,700.
Seasoned investors are of the opinion that the future partly can be revealed by studying the past. At present Bitcoin is entering a stage of accumulation.