Did Bitcoin just make a quick bullish reversal?
Share link:In this post: Bitcoin has seen a reduced bearish pressure after Germany finished its sell-off, triggering some bullish signs in technical indicators. The 200-day moving average provides support, while resistance levels near $60,000 could challenge upward movement. The derivatives market shows a cautious trader sentiment, with massive liquidations and increased open interest predicting more volatility ahead.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no lia
Germany finished selling off its Bitcoin yesterday, and almost immediately, the bearish pressure they triggered disappeared. Technical indicators turned bullish pretty quickly. Are we witnessing a full-on bullish reversal?
Check out my BTC/USD chart below. It is loaded with indicators. First, we have the 200-day moving average (blue line) sitting around $58,171.61.
This line is important because it’s acting like a safety net for the price. Bitcoin hovering near it means it could be finding solid ground.
But the price is also between other moving averages – the 20, 50, 100, and 200 EMAs. This mix makes it hard to predict the bulls’ next move.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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