Looking at the daily chart of bitcoin
Bitcoin
Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n
Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n
Read this Term, the price moved lower yesterday and tested its rising 100-day moving average. Support buyers came in against that level.
Today the price was able to move below the 100-day moving average
Moving average
A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot
A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot
Read this Term but found support buyers near the 38.2% retracement of the move up from the March low to the April high. The inability to get below that 38.2% retracement level at $26,655 and stay below, along with the move below the 100-day moving average at $26,885, tilts the real bias back in favor of the buyers.
What would ruin the buyers control?
Back below those technical levels would tilt the bias more favor the sellers and have traders looking toward the swing lows from May 12 and May 25 instead near the $25,580 level.
Until then however, the buyers remain in control and the upside can be explored further.
