Bitcoin: Where We Stand
Cryptocurrency markets have rebounded in the last two weeks. Ethereum has taken the spotlight because of EIP-1559, but now attention could shift back to Bitcoin.
Consider first the daily chart, where Bitcoin is in the process of forming a bullish outside candle. It’s also holding the 21-day exponential moving average (EMA) and trying to break the 100-day simple moving average (SMA). The 100-day SMA is potentially important because it helped mark the uptrend last year (especially in September and October).
In addition, MACD has been steadily rising on the daily chart.
Next, the 4-hour chart. Notice how the 50-, 100- and 200-period SMAs are rising – unlike the June-July period. The last time all three of these turned positive was early October, when Bitcoin was around $11,300:
Finally, the weekly chart’s stochastics have been mired in oversold territory. Historically, this has marked a bottom for prices. For example, in late 2018 and early 2019. It also marked a near-term bottom in October 2019:
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Consider first the daily chart, where Bitcoin is in the process of forming a bullish outside candle. It’s also holding the 21-day exponential moving average (EMA) and trying to break the 100-day simple moving average (SMA). The 100-day SMA is potentially important because it helped mark the uptrend last year (especially in September and October).
In addition, MACD has been steadily rising on the daily chart.
Next, the 4-hour chart. Notice how the 50-, 100- and 200-period SMAs are rising – unlike the June-July period. The last time all three of these turned positive was early October, when Bitcoin was around $11,300:
Finally, the weekly chart’s stochastics have been mired in oversold territory. Historically, this has marked a bottom for prices. For example, in late 2018 and early 2019. It also marked a near-term bottom in October 2019:
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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