Bitcoin | Back To Basics: MA200

31 Agu

The black line on the chart stands for MA200. We are going back to basics.

➖ In early 2023, Bitcoin was bearish below MA200.
As soon as Bitcoin moved above MA200 in mid-January 2023 we entered a bull-market.
Bitcoin traded above MA200 until early July 2024.

➖ Bitcoin moved back above MA200 for a small while in late July and now remains permanently below MA200 in August 2024.

➖ As Bitcoin trades below MA200, the long-term bearish bias is confirmed.

👉 Bitcoin is now bearish based on this basic simple signal.

👉 As long as Bitcoin trades below MA200 ($63,679), the long-term bearish bias remains active.

Additionally:

1) Bitcoin remains bearish below $74,000 and aiming for lower highs.
2) Bitcoin remains strongly bearish below $70,000.

Namaste.