In the last few weeks Bitcoin’s price (BTCUSD) was crawling towards a ‘Bermuda Triangle’, a corner where its best respected support and resistance moving average lines converge and meet.
In our post from October 9th, 2022, we wrote:
BTCUSD is trading along the support lines, however, if it stays the course then the meeting with the resistance lines is inevitable. Either the support or the resistance areas will get broken.
Bitcoin Enters a Bermuda Triangle, About to Break Support or Resistance
It happened last week.
The cryptocurrency’s price rose slightly to almost kiss (goodbye?) its best respected body resistance line – the 24-week SMA. Then, it violently pierced through its best respected wick support line – the 276-week SMA, leaving no doubt on its decision:
Zooming in:
The above charts feature the 276-week SMA as the best respected wick support line, which was originally spotted in January, 2022, and the 24-week SMA as the best respected body resistance line, which was originally spotted in May, 2022.
The same story unfolds when the chart is overlaid with the most recent best respected support and resistance moving average lines:
