The following blog piece is not financial advice nor is it encouragement to buy crypto assets of any kind. This is strictly for educational purposes. You have to be careful with your hard-earned money, in other words, do your due diligence before making any investment at all.
Those who have read my earlier blog pieces will remember that I have mentioned the 200-weekly moving average (200-wma). You may have noticed that I have not done one of these blogs in a while. The main reason was Bitcoin’s sideways price movement. A close watch was required, especially for breakouts to a bullish pattern.
Bitcoin Price with 200-Weekly Moving Average
One of the ways to keep a more critical eye on the price movement is via the 200-wma. Historically and statistically, markets have been known to bottom at the 200-wma. It is the same for crypto markets. Bitcoin’s previous low of $3238 – on the Bitfinex chart – may be tested once more. If that happens and $3238 becomes the support level, then the downward price pattern may come to an end. If this is the case, a bullish pattern may then follow. Having said that, the 200-wma is one of the easiest and quickest ways to keep an eye on the future price movement of Bitcoin. As is always the case, we can never tell what might actually happen, but then again, your guess is as good as mine.
Swap your cryptos here:
Nosa Capital concentrates its' expertise in Strategy, Business Development, Project Management, Project Finance, Trending, and now cryptocurrencies