[ Jump to the 2023-09-17 update ]
In last week’s post we raised the question whether Bitcoin was at a turning point. BTCUSD ended the week of August 14th down 10.56% from the prior week’s close, however, still above its 78-week SMA support line.
Since that post, traders of the cryptocurrency managed to keep the weekly closing price right above the 78-week SMA line for 2 additional weeks. The support streak now stands at 3 straight weeks. The same 78-week SMA line acted as a very close resistance line for 10 straight weeks from April to June, before it flipped sides and became support:
Zooming in:
Looks like market participants are cooking something.
Whatever it is, we’ll be watching the price and the MA support lines.
2023-09-17 Update
Two additional weeks have gone by since we published this post and Bitcoin kept respecting the 78-week SMA line. The tally now stand at 5 straight weeks of honoring the line:
Zooming in:
Note that Bitcoin opened last week just above the 80-week SMA. Will that be the new support?