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Author Topic: [2018-10-16] Bitcoin Price Is Defending One Key Support for the Fifth Month Run  (Read 24 times)
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October 16, 2018, 11:38:45 PM
Last edit: October 16, 2018, 11:52:00 PM by cybersofts

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.

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