Release The Bulls! Bitcoin Is Holding Above 200 Day Moving Average
Ah, it feels good to get back to some good ole Bitcoin technical analysis. Bitcoin is holding above the 200 day moving average and is showing some strong support around the $28K level. With commercial banks around the world in collapse, and central banks scrambling to save them and start their own CBDCs in the process, Bitcoin is having its moment in the sun!
Some Fundamentals Around The Bitcoin Price…
Around the globe, there is fear about the dollar collapsing, especially in light of many countries moving away from the dollar in global trade, investors have been looking for save havens, and from the look of the price, Bitcoin is being seen as one of those safe havens, not from volatility, but from government control.
Now Onto The Technicals…
As you can see in the chart above, Bitcoin is holding above the 200 day moving average and is showing only a few signs of slowing up in the short term with a slight drop in momentum, but that could be the market just finding fair price value. The current consolidation has seen the price hold around the 28K level with a couple of dips down, but nothing that hasn’t recovered just as fast.
The 1 hour time frame is showing the price still holding but dancing above the 200 period average which keeps it in bullish territory in the short term, is consolidating and the Bollinger Bands are contracting, meaning consolidation squeeze. This essentially means that the price could range for a time and then break to one side or the other. All I can do is take the data as it comes!
My Personal Outlook
You want to know my take? Well, if it says anything, I am taking every spare dollar I am earning from my 2 jobs at the moment and putting it into Bitcoin. So I guess I am bullish! The holding of the 200 day MA is extremely bullish in my personal opinion. When looking back in time after a big bear market, after Bitcoin crosses and holds the 200 day moving average, we start to see some fireworks… But, don’t take my word for it, backtest it yourself and see!
Personally I am sitting on the sidelines as far as trading for the moment and sitting in full on accumulation mode. I am trying to rebuild some stacks as well as my trading account, but doing this by extracting some fiat from these jobs, and putting it into Bitcoin!
Oh, and if you like the indicator that is showing on the chart, it’s something I have been playing with in Pinescript and planning to release the code on the Coin Logic site soon, so if you are interested, make sure you give me a follow! Might be making it a member only indicator, so be looking out for announcements on our member’s section coming soon!
Nothing said is financial advice.
This is for educational and recreational purposes only!
Stay safe in these volatile markets and don’t get rekt!
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