Bitcoin's Bullish Status Hangs in the Balance as it Struggles to Reclaim Key Moving Average
Summary:
Bitcoin needs to retake a key moving average to regain its bullish status, warns CryptoCon. The 20-week exponential moving average (EMA) at $27,750 must be reclaimed as support for the uptrend to be secure. The analyst questions the validity of the current bullish argument based on Bitcoin's relative strength index (RSI) readings, suggesting weakness in the market.
Bitcoin (BTC) must retake a key moving average to regain its bullish status, according to a prominent analyst. CryptoCon warned that optimism over the $26,000 BTC price support was premature. Although Bitcoin saw a slight recovery above $26,500, the analyst cautions that there is still a significant amount of work to be done by the bulls. The critical threshold to watch is the 20-week exponential moving average (EMA) at $27,750, which needs to be reclaimed as support to confirm an uptrend. The analyst compared the current price action to the rebound from the 2018 cycle lows, emphasizing the importance of the successful retest of the 20-week EMA. Moreover, they questioned the validity of the bullish argument based on Bitcoin's relative strength index (RSI) readings, noting that the oversold RSI could indicate weakness rather than a positive signal.
Published At
8/24/2023 2:10:57 PM
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