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Title: [2018-10-16] Bitcoin Price Is Defending One Key Support for the Fifth Month Run Post by: cybersofts on October 16, 2018, 11:38:45 PM https://media.coindesk.com/uploads/2018/06/BTC-1-860x430.jpg
Bitcoin (BTC) is defending a key long-term price floor as it recovers from Friday's three-week lows near $6,200. After a strong bearish move last Thursday, the leading cryptocurrency looked set to pierce the 21-day exponential moving average (EMA), which has been serving as a strong support since June. However, yesterday's rally to over $6,800 ensured that the crucial EMA support remains intact. At press time, BTC is changing hands at $6,730 on Bitfinex, having clocked a high of $7,788 yesterday. Meanwhile, the 21-month EMA is located at $6,160. The argument that the bear market has likely run its course remains valid as long as prices are trading above the 21-month EMA. However, while the solid bounce from the area around the crucial EMA support is encouraging, a bullish reversal is still not confirmed, as discussed yesterday. Continue reading: https://www.coindesk.com/bitcoin-price-is-defending-one-key-support-for-the-fifth-month-running/ |
