The Epic Battle For The 200 SMA [Bitcoin Update]

in bitcoin •  7 years ago 

Yesterday we had a significant bounce from the lows and we closed the day almost 1000$ higher. Today the bulls seem to be losing control. We had a very strong start of the day but as expected we got rejected at around 9500$.Obviously at the moment the level to watch is the 200 SMA ! We defended strongly that level yesterday and hopes were high for today, unfortunately bears had other plans for the day.

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As you can see on the chart the last support we had at 9450$ has become the new resistance. The blue line is the 200 SMA (8952$) and if we close below it things might get very ugly. I guarantee you that many traders and short-term investors are watching this line very carefully. If we close below this line I expect a lot of TETHERING, which equals a lot of selling.

Bulls have two more hours to close BTC above 8952$, if not tomorrow will be a very interesting day. Last time we broke 200 SMA we went straight to 6000$.

Whats your opinion on the matter ? What do you think will happen in the next few days ? Feel free to share in the comments below.

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Yesterday's daily close could be bullish.
But today's is terrible.
I think paterne double tops, we left to test the support of 7660- 8050.
Target of the double top 7200.