Bitcoin Above 20-day Moving Average but Still Bearish Trend is Intact
The bitcoin is moving above 20-day moving average but the clouds of Bearish zone have not yet cleared as the price value is standing below $10,000. Bitcoin has shown a 16% gain last week but still unable to break the hard wall of $10,000.
Bitcoin is looking in a good position when compared with the price before 3 months, it is very low. It is hovering above the 20-days moving average that is a good signal for the crypto traders. The trend line is flying above the figure of $9,000 that means it is above the average value of the last one month.
In the week, BTC has shown an outstanding rally from $7,500 to $10,300 but the coin was unable to sustain above the $10,000 and dropped slightly. There is steady movement on the part of the coin in the upward direction but currently flying above 20-days moving average and some time is required to take the trend line out of bearish trends.
16% Rise in the last week
According to crypto analysts, digital gold has broken the chains of the bearish trend and is now ready to show another great rally. The last week’s surge has surprised many crypto enthusiasts since it is the highest daily run after 2011. But this gain was not unnatural according to some experts, as they have already speculated that Bitcoin is gaining momentum to show a big move. The accumulated momentum has popped last week and a 16% rise is noted in the price value.
Despite being progress in the Price value, the bearish trend is still intact and we cannot say that it has gone. The reason behind it is that price is still hovering below $10,000. If the $10,000 resistance level breaks and trend line stay for a longer period of time above it then we will be able to say that bearish trend is gone.
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