Is Bitcoin Inching Toward Another Breakout?
Believe it or not, Bitcoin hasn’t gone anywhere for more than five weeks. But that may change soon.
Tuesday’s close around $58,500 was almost identical to its February 21 peak. BTCUSD chopped lower after that, building support above $40,000. The next consolidation period established support above $50,000 – another higher low.
A few things have happened recently. First, prices touched the 50-day simple moving average (SMA) and bounced. That’s a sign of the trend holding, similar to the action in late January.
Next, BTCUSD broke a short-term trendline on Monday. It made similar moves before other runs, like on March 7, February 2 and December 13.
Third, BTCUSD has returned above its 21-day exponential moving average (EMA) -- another potential sign of trend continuation.
Fourth, MACD is on the verge of turning positive again. That’s been a relevant indicator in each of the last four big pushes (October, December, February and mid-March).
Finally, Bollinger Band Width has compressed to its tightest range since mid-December. That could be another sign prices are coiling for a move to the upside.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Tuesday’s close around $58,500 was almost identical to its February 21 peak. BTCUSD chopped lower after that, building support above $40,000. The next consolidation period established support above $50,000 – another higher low.
A few things have happened recently. First, prices touched the 50-day simple moving average (SMA) and bounced. That’s a sign of the trend holding, similar to the action in late January.
Next, BTCUSD broke a short-term trendline on Monday. It made similar moves before other runs, like on March 7, February 2 and December 13.
Third, BTCUSD has returned above its 21-day exponential moving average (EMA) -- another potential sign of trend continuation.
Fourth, MACD is on the verge of turning positive again. That’s been a relevant indicator in each of the last four big pushes (October, December, February and mid-March).
Finally, Bollinger Band Width has compressed to its tightest range since mid-December. That could be another sign prices are coiling for a move to the upside.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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