When we last checked on the cryptocurrency, it was just starting to raise itself up after it has been respecting its 78-week SMA support line for 5 straight weeks.
That 78-week SMA was once a strong resistance line that’s been holding BTCUSD close down for 10 weeks in a row. But then in June, Bitcoin exploded with energy and smashed through that long resistance.
However, it bumped into the round $30k area and lost its mojo. That’s how it got back to rest and recharge on the 78-week SMA.
So, what’s up with Bitcoin?
Has it finally parted ways with its favorite SMA?
Big time. For now.
With no daily, weekly, nor monthly resistance lines above, it won’t be surprising to see Bitcoin at $40k soon enough.