If we break the local downtrend line, it is possible Bitcoin could go high enough to try the resistance at around $54k.
Do you think it'll happen? Let me know in the comments! :)
Coin Metrics:
The most recent price of BTC at the time of writing is: $36294.25.
The 200 Simple Moving Average (SMA) is at: $40353.3.
The percentage distance from the latest BTC price and the 200 SMA is: -10.0%.
A coin which has a price less than its 200 SMA is less costly on average than at any other time, and so this might be a good time to buy. Beware though that this may also be a part of a bearish trend, where the price might drop even further.
Average Candle Height (ACH) for BTC: 5.7%.
Average Candle Height is calculated as the average height of all candles (high - low) as a percentage of the high price. Bitcoin typically has about 5% ACH, while large market cap coins like Litecoin have around 8% ACH. Exceptionally volatile coins like XVS can have 15% ACH or more.
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Happy trading, folks! Please like and follow if you'd like to see more of my content :)
Do you think it'll happen? Let me know in the comments! :)
Coin Metrics:
The most recent price of BTC at the time of writing is: $36294.25.
The 200 Simple Moving Average (SMA) is at: $40353.3.
The percentage distance from the latest BTC price and the 200 SMA is: -10.0%.
A coin which has a price less than its 200 SMA is less costly on average than at any other time, and so this might be a good time to buy. Beware though that this may also be a part of a bearish trend, where the price might drop even further.
Average Candle Height (ACH) for BTC: 5.7%.
Average Candle Height is calculated as the average height of all candles (high - low) as a percentage of the high price. Bitcoin typically has about 5% ACH, while large market cap coins like Litecoin have around 8% ACH. Exceptionally volatile coins like XVS can have 15% ACH or more.
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Happy trading, folks! Please like and follow if you'd like to see more of my content :)