Cryptocurrency Market Might Hold Its Level As Bitcoin’s Price Remains Stable

Feb-2019 | 99Strategy | Technology

After all, the most important cryptocurrency market value has dropped nearly to 70% in the last 13 Months. The concern now is to spot early signs of a low-to-long-term trend change, which could be possible with the simple 10-week moving average.

Tough, this moving average proved difficult to implement in the eight weeks prior to November 14, the day BTC returned to the bear market with a significant drop below $6,000. In addition, the BTC recorded a higher fall trend in the last 13 Months compared to the SMA after 10 Weeks. Therefore, the acceptance post this obstacle can be seen as a sign of the downward trend to an upward trend.

The BTC was at $ 3,630 on Bitstamp, a gain of 2.5% in 24 hours at press time. Meanwhile, 10-week SMS is at $ 3,919. It should be noted that an affirmation of a long-term bullish growth would be a real break from the old resistance, support of the exponential moving average of 21 Months, which at present is $5,400.

Previously, Bitcoin had completed the 10-week SMA in February and April, in the third week of July and in the last week of August. However, these bullish developments were short-lived, in the next two weeks; the BTC fell below the 10-week SMA, with bulls being trapped on the reverse side of the market.

In simple terms, the crypto has struggled to traverse the 10-week SMA through the ongoing bear market, which has also ultimately affected the global cryptocurrency market. As a result, only a persistent break above SMA after 10 Weeks would mean a high reversal. The outlook remains negative as long as prices under the SMA are trading at a bearish low of $ 3,919 in 10 Weeks.