$BTC perfectly tagged the 50-week MA and rejected from it (so far).
From just August 17 to August 25, a mere 8 days, the move up to the 50-week MA has been an impressive 29%.
Observations: There's a pretty big upper wick on that last candle. Combined with the extreme move up in the last 8 days, it wouldn't be impossible to see this becoming a short term exhaustion point.
It would be difficult for anyone to argue a bear case if BTC closes above the previous high of $82.8k and the 50 week MA.
The big question: is a further move sustainable?
The daily candle hasn't closed yet and that will provide more reliable information.
#BitcoinRejectedAt$81K50WeekMA
From just August 17 to August 25, a mere 8 days, the move up to the 50-week MA has been an impressive 29%.
Observations: There's a pretty big upper wick on that last candle. Combined with the extreme move up in the last 8 days, it wouldn't be impossible to see this becoming a short term exhaustion point.
It would be difficult for anyone to argue a bear case if BTC closes above the previous high of $82.8k and the 50 week MA.
The big question: is a further move sustainable?
The daily candle hasn't closed yet and that will provide more reliable information.
#BitcoinRejectedAt$81K50WeekMA
