Bitcoin bounced to 74,483 dollars tonight and reclaimed the 200 day average. Is the dip bought, or is this a trap? đ
CoinGecko data checked at 23:00 PKT on 11 November puts Bitcoin near 74,483 dollars, up 1.82 percent in 24 hours, inside a range of 72,769 to 74,613 dollars, with the last five half hour closes stepping higher, 73,560, then 73,920, then 74,260, then 74,218, then 74,418. đ The 200 day moving average sits near 73,150 dollars, so Bitcoin is back above the line that matters after dipping to 72,744 earlier, and the bounce came with short liquidations, not fresh spot buying, which tells me this is a relief move until proven otherwise. My reading is that the evening bounce changes the tone but not the trend, because Bitcoin is still down 7.51 percent in 7 days and still sits below the 50 week average near 76,100 dollars, so one green evening does not erase five straight weekly losses.
Does Bitcoin close above 74,613 dollars and push toward 75,456, or lose 73,150 dollars again? đ€
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CoinGecko data checked at 23:00 PKT on 11 November puts Bitcoin near 74,483 dollars, up 1.82 percent in 24 hours, inside a range of 72,769 to 74,613 dollars, with the last five half hour closes stepping higher, 73,560, then 73,920, then 74,260, then 74,218, then 74,418. đ The 200 day moving average sits near 73,150 dollars, so Bitcoin is back above the line that matters after dipping to 72,744 earlier, and the bounce came with short liquidations, not fresh spot buying, which tells me this is a relief move until proven otherwise. My reading is that the evening bounce changes the tone but not the trend, because Bitcoin is still down 7.51 percent in 7 days and still sits below the 50 week average near 76,100 dollars, so one green evening does not erase five straight weekly losses.
Does Bitcoin close above 74,613 dollars and push toward 75,456, or lose 73,150 dollars again? đ€
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #BTC
