The 50-day moving average (MA), one of the most widely tracked technical indicators, was put to test in the previous two trading days. However, on both occasions, prices failed to penetrate the MA support on a daily closing basis (as per UTC), signaling a bearish exhaustion.
Good article for all the technical analysis guys and girls out there. I like the fact that the article says it looks like selling has been exhausted, I'm exhausted watching the selling over the last few months. So, $7400 is the next target, let's see if we can get there by the end of the week. This is a great point to start moving up again, we rallied from around $6000 to $8000, came down to $7000 which is a 50% retracement, classic technical analysis move.
Read the full story here...
https://www.coindesk.com/bitcoin-price-eyes-7-4k-after-defense-of-key-support/