In a post from July 18th we saw that Bitcoin (BTCUSD) bounced from its 276-week SMA support line and was trading above it for a few good weeks, after their single encounter in mid June.
Two weeks after, we’re checking the pulse: Has Bitcoin come back to its support line? Where is BTCUSD trading now in reference to the support line?
Let’s take a look at the recent chart of BTCUSD:
Market participants buy Bitcoin for now. The 276-week SMA support line was not revisited since, and the resistance lines are still far above $30k.
That does not mean Bitcoin can’t come back and revisit the support line. It can, and it is even possible for the cryptocurrency to cross it on the way down.
However, for that, BTCUSD first needs to break below its most recent best respected body and wick support lines, which were introduced in the same July 18th post:
Both lines – the 259-week SMA body support line and the 281-week SMA wick support line are holding the coin’s price well so far.