Bitcoin's price has been choppy since its October spike to $10,350, giving no clear indications of where its trend will head next.
Bitcoin's daily candle bounced off its 50-day moving average as support on Nov. 12, although the industry's flagship asset once again faces resistance at its 0.5 Fibonacci retracement level, which could also be considered its range equilibrium.
On its daily chart, Bitcoin sank all the way down to $8,550 on Nov. 12 where it bounced off its 50-day moving average as support.
This level acted as resistance during Bitcoin's Nov. 12 close and has continued to reject the asset's price action on Nov. 13.Bitcoin sits a considerable distance away from $9,275, the current location of its 200-day MA. The coin held the 200-day MA as strong support for numerous days, although the level finally broke down on Nov. 8.Bitcoin's chart also still shows a death cross, with the 50-day MA firmly below the 200-day MA, providing a signal of bearishness.
Bitcoin's 4-hour chart reveals significant wicks in price action.
Long wicks can also be accompanied by Bart Simpson patterns - price action which sees an asset's price sharply rise, followed by a period of low volatility and an eventual sharp move in the opposite direction, painting an outline of the head of the popular yellow cartoon character of the same name.
Bitcoin could complete another inverse Bart pattern with a swift move up from the current price.
The Ichimoku cloud holds as resistance at $8,822, above Bitcoin's current price.
If Bitcoin can flip the 0.5 Fibonacci level as support, the coin may be able to gather some momentum to take another crack at the $9,000 level, which is likely to also be a subconscious psychological level.
Bitcoin's price action has been slow, lacking meaningful volatility for the most part.
Bitcoin Price Bounces Off Key Moving Average as Bulls Avoid Death Cross
Publicado en Nov 13, 2019
by Cointele | Publicado en Coinage
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