April 2021 saw price decline 51% from a high of just under $65k to a low
of $30k, where the 50 simple moving average was used as support.
There was a reversal back to the upside after hitting this indicator and
price went back towards $65k, even exceeding the high from April.
In November, price fell again and came back to the 50 simple moving average,
and so far this week, price is starting to reverse back to the upside again.
There is a clear pattern where the resistance remains around $65k and the
lows are getting higher and supported by the weekly 50 simple moving average.
If history repeats itself, then we should see another attempt at $65k, and we
may even see price continue much further past this level.
Let’s see what happens as we go ino into the new year and see if the buyers
can build enough bullish momentum to make price form another trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
of $30k, where the 50 simple moving average was used as support.
There was a reversal back to the upside after hitting this indicator and
price went back towards $65k, even exceeding the high from April.
In November, price fell again and came back to the 50 simple moving average,
and so far this week, price is starting to reverse back to the upside again.
There is a clear pattern where the resistance remains around $65k and the
lows are getting higher and supported by the weekly 50 simple moving average.
If history repeats itself, then we should see another attempt at $65k, and we
may even see price continue much further past this level.
Let’s see what happens as we go ino into the new year and see if the buyers
can build enough bullish momentum to make price form another trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
