A short while ago I dropped a line about seeing how the price of Bitcoin moved closer to the 200-weekly moving average (WMA) as being an indicator of what might happen to its’ (Bitcoin) price. The significant detail to notice here is whether the Bitcoin price crosses the 200 WMA and if or when it does what to anticipate. Looking closely at the Bitcoin weekly chart, we can determine that on several occasions the price had touched the 200 WMA. As of this day, the 200 WMA is at $3276. 8. The price of Bitcoin at the time of writing was $3707. Although the price of Bitcoin has not fallen to the 200 WMA price, it is quite close considering the cryptocurrency’s volatility. With a difference of just under $500, we all hold our collective breaths to see if this happens.
Chart courtesy of investing.com
We must all recall one thing, statistically, if the price goes down and closes below the 200 WMA, then the odds of a downturn increase substantially. As is known, this is not strictly true when taking the markets (any market) into consideration. The cause is simple, markets (any market) do what they want, regardless of what we desire. Even if the price of Bitcoin hits the 200 WMA line, it may bounce off to a higher price, and maybe even be the start of a new bull market. All we can do is to wait and see, but then again, your guess is as good as mine.
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