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How will Bitcoin (BTC/USD) React to Reaching its 200-day SMA

Bitcoin has been percolating again. We recently proposed that BTC/USD would rally after completing an inverse head&shoulders. We noted that upside should probably be held to $9000. But even as price approaches $8500, I am scaling out. 

BTC/USD Daily Chart

200-day Simple Moving Average (SMA)

  • The 200-day SMA is an indicator for the mean of price action essentially from 2018. 
  • If the market is still in correction mode, we should respect this as resistance.
  • Around $8500-$8600, I would anticipate resistance for BTC/USD.
  • The RSI is also at overbought levels, which also suggests a pullback is coming. 

Bitcoin (BTC/USD): Short-term Bulls vs. Medium-term Bears in a Long-term Bull Market

Bitcoin (BTC/USD) Resilient but Limit Upside to $9000 for Now