Are you talking about the daily chart or the weekly chart? Because in the weekly chart, Bitcoin's price has never stayed long below the 200-day SMA.
Dips near, or below 200-day SMA = Buy the dip, and HODL.
Dips near, or below 200-day SMA = Buy the dip, and HODL.
I suppose you mean the 200-week SMA above..?
It was the 200-day SMA used in a daily chart, converted into a weekly chart. Yes, you're right! 200-week SMA. Hahaha.
The 200-day MA only provided temporary resistance in October 2019 and this past January before significant moves above it. I'm not sure if bouncing off it automatically means we are hell bound. I guess that would mean $1,800?
I have been speculating for a while about a failure off the 0.618 and 200-day MA ~$8K. Honestly though, the price action has been very choppy and unpredictable for the entire month of April. A lot is probably riding on what the stock market does given the recent correlation.
I have been speculating for a while about a failure off the 0.618 and 200-day MA ~$8K. Honestly though, the price action has been very choppy and unpredictable for the entire month of April. A lot is probably riding on what the stock market does given the recent correlation.
Are you talking about the daily chart or the weekly chart?
Discussions above moving averages can be confusing. That's why I always say things like "200-day" or "200-week" to distinguish between time frames.
Because in the weekly chart, Bitcoin's price has never stayed long below the 200-day SMA.
I bet big on the 200-week MA holding in 2018 and this past March. Definitely historical "buy the dip" moments. The 200-day MA is a different story. Lots of fluctuation above and below. We spent over a year below it after the 2017 bubble popped.
The 200 weekly MA was previously attacked violently and it bounced. Still find it hard to believe that Bitcoin won't break it next and stay below at least for a few months after 10 years
After 10 years, Bitcoin would be enjoying 6 digits.
