The 50 week moving average is the level every trader is watching tonight, so here is how to read it. đ
Cointelegraph reports Bitcoin briefly fell below its 50 week simple moving average near 75,733 dollars during the selloff, after reaching a low of 75,463 dollars. đĄ My method is simple. First, a brief dip below a weekly average is not a breakdown, a weekly close below it is. Second, watch whether price reclaims the line fast, because a fast reclaim usually means the dip was a liquidity grab. Third, never chase a short into the line, because the level is crowded and the bounce can be violent. The honest read is that Bitcoin is sitting right on the line, not clearly above it and not clearly below it.
Do you trust the 50 week average to hold, or trade it as broken until it is reclaimed? đ€
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#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoEducation
Cointelegraph reports Bitcoin briefly fell below its 50 week simple moving average near 75,733 dollars during the selloff, after reaching a low of 75,463 dollars. đĄ My method is simple. First, a brief dip below a weekly average is not a breakdown, a weekly close below it is. Second, watch whether price reclaims the line fast, because a fast reclaim usually means the dip was a liquidity grab. Third, never chase a short into the line, because the level is crowded and the bounce can be violent. The honest read is that Bitcoin is sitting right on the line, not clearly above it and not clearly below it.
Do you trust the 50 week average to hold, or trade it as broken until it is reclaimed? đ€
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoEducation
