Bitcoin Bearish Signal: 600-Day MA Starts To Break Down
25 Avril 2022 - 09:00PM
NEWSBTC
Charts show the Bitcoin price seems to be falling below the 600-day
moving average, a sign that could be bearish for the crypto.
Bitcoin Begins To Lose 600-Day MA Support Line As Price Crashes
Below $39k Again As pointed out by an analyst in a CryptoQuant
post, the price of the crypto is crossing below the 600-day MA
curve now, a line that has served as support for BTC in the past. A
“moving average” (or MA in short) is an analytical tool that takes
the average of any quantity over a particular time period. As the
name already suggests, this average constantly updates itself as
time passes and new values arrive. What this tool does is that it
removes any short-term fluctuations from the chart being studied
(which is the Bitcoin price in this context), and smooths out the
curve. This makes moving averages quite useful for studying
long-term trends, where local variations aren’t that important.
Related Reading | Is Bitcoin Gonna See Another Big Drop Soon?
Historical Trend May Say Yes MAs can be taken over any possible
range, whether that be two days, two hundred days, or even only two
minutes. Now, here is a chart that shows the trend in the 600-day
MA version of the Bitcoin price: Looks like the price curve is
dipping below the 600-day MA line now | Source: CryptoQuant As you
can see in the above graph, the Bitcoin 600-day MA curve has acted
as support for the coin’s price many times in the year so far
already. However, the latest trend seems to suggest that this
support line is now breaking down as the price line is crossing
below the MA on the daily timeframe. Related Reading | Time Vs
Price: Why This Bitcoin Correction Was The Most Painful Yet Though,
the breakdown may not be yet fully confirmed. The quant in the post
believes that if the breakdown fails here, Bitcoin may then use the
level as a springboard to push higher. In the case that the
breakdown does stand, then a bearish outcome may perhaps be in
store for the cryptocurrency. BTC Price At the time of writing,
Bitcoin’s price floats around $38.8k, down 1% in the last seven
days. Over the past month, the crypto has lost 12% in value. The
below chart shows the trend in the price of the coin over the last
five days. Looks like the price of the coin has plunged down over
the last few days | Source: BTCUSD on TradingView Bitcoin briefly
seemed to have been on the path of recovery just a few days back as
the coin broke above the $42k mark. However, the cryptocurrency now
seems to have plummeted down again as it once more revisits the
sub-39k levels. Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
Quant (COIN:QNTUSD)
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