BTC is trading above the 200 Days SMA (Simple Moving Average). We have now a full daily candle above that Moving Average but it doesn’t mean BTC is safe or will continue pushing higher. We can expect this second break (previous failed) to last but we need more confirmations.

At this point it doesn’t make sense to remain Bearish. BTC broke the descending channel formed since July 2019, it retested that resistance and bounced from it. BTC still have plenty of resistances to break and it may continue going down nevertheless price action is historically Bullish above that Moving Average (we don’t have so many breaks and failures in BTC price history).

Categories: Analysis