In this daily chart of Bitcoin we can see it is in a battle to hold the 200MA and break through the 12MA. Twice it has confirmed the 200MA as support and twice it has confirmed the 12MA as resistance.
The MACD is looking like it will cross bullish in the next 24 hours and perhaps we will see a break above 12MA shortly.
The MACD is looking like it will cross bullish in the next 24 hours and perhaps we will see a break above 12MA shortly.
Note
Price is still being crushed between support at the 200MA and resistance at the 12MA. A clear triangle has formed which could project continuation of the correction, while the MACD has still not crossed bullish. If the 200MA does not hold on the next test, there is a good change price might strike to a new low or double bottom at around $42.3k before rally higher.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.