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Two important moving averages just before crossing

admin by admin
August 24, 2022
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Two important moving averages just before crossing
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Bitcoin (BTC) has fallen below an important trend line of the bear market with a minus of almost 12 percent in the past week. Other chart data, however, paint a more positive picture.

Well-known Twitter user Dave the wave wrote on August 24 that the long-term moving averages (MAs) would exhibit bullish behavior.

Analyst: Bulls may soon “do well”.

BTC/USD disappointed at the weekend with a low that has not been reached since the end of July. Since then, the $ 21,000 mark has provided only weak support. It is feared that new lows will be reached.

Among other things, the price has slipped below the 200-week MA, as data from Cointelegraph Markets Pro and TradingView show. This level could be turned from a resistance to a support in the previous month.

The price is now again below the 200-week MA and has not been reached so far. This indicates a current lack of strength in Bitcoin.

“You haven’t seen as much FOMO as we have seen in the last 2 weeks during the rally to 25,000 US dollars. This bull trap had to come almost like this, ” as the analyst Venturefounder summarized, after the 200-week MA gave way as support.

However, the behavior of the 50-week and 100-week MA suggests that all is not necessarily lost yet.

On Twitter, Dave the wave revealed that these two are about to cross paths. In the past, such a crossover was followed by a persistent rise in the price.

“Bitcoin’s 1-year moving average is now crossing the 2-year moving average. This indicates a correction phase after a speculative increase, ” he wrote in a comment.

“From a technical point of view, it looks good… Regardless of the mood. Those who have bought at these levels have done well so far.”

BTC/USD commented chart. Source: Dave the wave/ Twitter

He added that five months earlier, these MAs had correctly indicated the upcoming downtrend of the market. As a result, BTC/USD fell to a macro low of $17,600 in June.

BTC/USD 1-week candlestick chart (Bitstamp) with 50, 100, 200-week MA. Source: TradingView

After the Pi Cycle Bottom

As Cointelegraph reported, there are several charts on which the moving averages signal a bottom.

The classic Pi Cycle Top indicator, which has always correctly predicted the macro lows so far, already turned positive in July, thereby substantiating the assumption that $ 17,600 was actually a multi-year low.

However, commentator Miles Johal explained that the bulls would have to overcome even higher levels first to create a real uptrend.

Big expansion on the pi cycle top MA’s.

Getting back above the orange line is crucial for the bulls.$BTC pic.twitter.com/REiSHrLSqG

– Miles J Creative (@JohalMiles) August 23, 2022

The views and opinions listed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com resist. Every investment and every trade involves risks and you should do a good research before making a decision.

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