Two weeks ago, we wrote about the visit Bitcoin (BTCUSD) paid its long term body support moving average line – the 202-week EMA.
The cryptocurrency took a vertical nosedive, gave the line a ‘high five’ (better say a ‘low five’), and quickly swung back up to the $30k price area.
In the two weeks since, BTCUSD traded down but its price stayed above the support line:
The environment is still very fluid and the price can easily take a hike up or down.
The 202-week EMA body support line held BTCUSD thus far, however, the price of the cryptocurrency is still hanging around. Still in the woods, still fragile, and still watching very closely.
Below the 202-week EMA support line is the wick support line – the 276-week SMA, at $17.7k.
Above, there are the two resistance lines, 24-week and 25-week SMAs around $40k.
Following its next big move, Bitcoin will meet one of these neighbors.
Let’s watch which one it is going to be.