About 2 months ago Bitcoin finally found the strength to depart from its moving average resistance lines, the 78-week SMA (body) and the 80-week SMA (wick), after they held the cryptocurrency below them for over a year.
BTCUSD parked at the $30k area and could not make the next big leg up.
Then, it dropped.
It ended the week of August 14th at $26,189.58, which was 10.56% below the prior week’s close.
However, that number was a tad above the good ol’ 78-week SMA line, which was then at $26,104.47. The line that has been acting at resistance for so long flipped sides and carried the coin as support on its shoulders.
The current week for Bitcoin ends at midnight GMT between Sunday and Monday. As of this writing, BTCUSD hovers slightly above the 78-week SMA line:
Zooming in:
Read here why the value of the moving average line for the current week is copied from the MA value of last week, when the price candlestick is open and being constructed.
Will that be a turning point for Bitcoin?