The bull run has been consistent in Bitcoin, and price has formed some neat pullbacks along the way up
using both the 20 & 50 simple moving averages as support.
The most recent pullback came down to tag the 50 simple moving average before heading back to the upside.
On the way up, price has started to slow down and may be starting to consolidate. The support and resistance
levels are at the round numbers $50,000 and $60,000.
Price at the moment is using the 20 simple moving average as support, and if this level holds strong, then we
should see a nice push above $60,000 followed by the current all-time high at $61,781.
Since breaking out of long-term consolidation in December 2020 at $19,666, price has risen 197% and counting.
Back in 2017, when price came close to hitting $20,000, many speculated that this was the limit for Bitcoin
but as is the case with any asset, you can never predict what will happen next.
As technical trend followers, we make our decisions based on what price is doing and not what we think price
is going to do, which many make the mistake of doing. Focus on price first, and at the moment, it is telling us that
the trend is not yet over, so we could be seeing other round numbers being broken.
A break and close above the all-time high will confirm a continuation of the bull trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
using both the 20 & 50 simple moving averages as support.
The most recent pullback came down to tag the 50 simple moving average before heading back to the upside.
On the way up, price has started to slow down and may be starting to consolidate. The support and resistance
levels are at the round numbers $50,000 and $60,000.
Price at the moment is using the 20 simple moving average as support, and if this level holds strong, then we
should see a nice push above $60,000 followed by the current all-time high at $61,781.
Since breaking out of long-term consolidation in December 2020 at $19,666, price has risen 197% and counting.
Back in 2017, when price came close to hitting $20,000, many speculated that this was the limit for Bitcoin
but as is the case with any asset, you can never predict what will happen next.
As technical trend followers, we make our decisions based on what price is doing and not what we think price
is going to do, which many make the mistake of doing. Focus on price first, and at the moment, it is telling us that
the trend is not yet over, so we could be seeing other round numbers being broken.
A break and close above the all-time high will confirm a continuation of the bull trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
