Is Bitcoin’s Long Slide Finally Ending?
Bitcoin has been under pressure since early November, but now the top cryptocurrency may be showing signs of turning higher.
The first pattern on this chart is the 50-day simple moving average (SMA) with our Moving Average Speed custom script. This indicator shows the SMA’s rate of change. It helped flag bullish turns in July and October of 2020, plus July and August of 2021. Notice how it's inched higher again during the last two months.
Second is the parallel channel along the highs of April and November. Connecting with last summer’s low, this pattern plots a line neatly along the recent lows.
Third, notice the bullish outside days on January 24 and February 24. These suggest buyers were defending the bottom of the range.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on this chart is the 50-day simple moving average (SMA) with our Moving Average Speed custom script. This indicator shows the SMA’s rate of change. It helped flag bullish turns in July and October of 2020, plus July and August of 2021. Notice how it's inched higher again during the last two months.
Second is the parallel channel along the highs of April and November. Connecting with last summer’s low, this pattern plots a line neatly along the recent lows.
Third, notice the bullish outside days on January 24 and February 24. These suggest buyers were defending the bottom of the range.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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