Bitcoin may be poised to recover further despite weakness in altcoins. An analyst noted that BTC just bounced off a pivotal moving average. This moving average Bitcoin held multiple times during the last bull cycle’s bull market corrections. Bitcoin Just Formed This Historically Accurate Uptrend Signal
As noted by a Bitcoin chartist, the leading cryptocurrency just formed an auspicious uptrend signal: after a bull market correction, BTC bounced cleanly off the 128-day simple moving average.
This is important as in bull markets, the cryptocurrency has historically found a bid at this specific support level. Bitcoin doing so now suggests that it is in a long-term uptrend.
“Willy Woo’s 128 day MA has done a decent job at signaling support/resistance and is currently offering support.”
Chart of BTC’s price action over the past few years and past few weeks with moving average analysis by crypto trader “Nunya Bizniz” (@pladizow on twitter). Chart from TradingVIew.com