Our last pulse check on Bitcoin showed the cryptocurrency respected its long term moving average support lines.
About 7 weeks of volatile market passed since that pulse check and we couldn’t be more curious to learn about BTCUSD’s price action during that time period.
As can be seen in the following weekly chart, the coin’s price kept respecting its wick support line (281-week SMA). It did push, however, its previous body support line a few notches down, from 259-week SMA to 263-week SMA:
Tracking the price action with reference to the ‘original’ moving average support lines that were first featured in our January 30th post, shows an interesting picture, where the wick support area holds firm, and the broken (body) support line becomes resistance:
Zooming in:
Will Bitcoin bounce from this strong support area?
Or will it pound enough times to crack it down and fall through?
We’ll be here to track.