Bitcoin made some more moves over the weekend and yesterday and despite it being down slightly, it's still moving in a positive manner. We actually expected a slight pullback as the price was moving up almost too quickly after the recent decline from $11,400 to $10,200 USD.
In the short term there is bad news, the golden cross we were hoping for hasn't happened and the 10 day moving average has take a 1 day slump moving down for the day rather than up.
BUT... in the slightly longer term there is some good news. The gap between the two moving averages has shrunk and if we can begin pushing the price up again we might see a cross in a week or so. Of course this all depends on what happens over the next few days!
There is a bit of selling going on as traders anticipate more BTC will be sold off soon and the price to buy back in will be significantly lower. Traders love Bitcoin's volatility and ride the ups and the downs!
The moving averages alone can't tell us everything but at the moment, we can see that there hasn't been a cross yet... so we're in bear country for now but we'll keep watching for the next move!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.
